Business idea

5 ways to tell if your business idea is good

Well, you are ready and eager to start up. You have some financial assets set aside but need assurance that you are on a good path. After all, a great business idea equals success in your start up. But how do you tell that your business idea is good?

1.Your business idea is a problem solver

If there is one crucial thing that your business idea needs to be, it has to be to solve a problem. Many people get into business for the sake of having something to do. They forget that once you identify a problem and engineer your business to solve that problem, that there is success; there is demand and you will supply.

2.There is a large niche market for your idea

We have established that you have a problem-solving business idea. Next, you need a large niche market that you will serve better and will put you on a different playing field from your competitors.

3.People are willing to pay for your idea

Now that we have identified the problem and come up with a solution, the next thing to ask is, will people pay for it? There is no need of having a solution to a problem is no one is willing to pay for the goods or services. It is that simple. Once people start paying for your business idea, then it moves from being an idea to being a business.

4.Your idea has positive feedback

You can test your business idea on family and friends but because they have a soft spot for you, they might not be genuinely honest with the review. How about you test on complete strangers? When the feedback comes back and you see those strangers asking where they can get your product or access your service, you know that you are on the right path. When no one really bothers with your business idea, you might have to go back to the drawing board.

5.Your idea has a good marketing strategy

You have received positive feedback after testing out your idea. Now, how do you roll out? This is where your marketing strategy comes to play. You need to be thinking about your marketing strategy as soon as you have identified your product/service and niche market. If you have clear-cut ways to reach your target customers, you are on your way to business success. There is nothing as frustrating as having a brilliant business idea with no way of reaching your target consumers.

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