test your business idea

How to tell if your business idea is viable

As an entrepreneur, coming up with business ideas is not difficult. Wherever you go, it is likely for you to identify a business niche. However, even with the many ideas, one is required to test their ideas and determine the possibility of success. This can be done in the following ways;

  • Engage with others

This is a good way to get ideas from other people. By sharing your business idea with families, friends or even strangers on the internet can give you a new perception of the business you are thinking of. You might fear that they will steal your idea or discourage you but the main reason for sharing is to gain more knowledge. If they think it has a chance of succeeding, then you have a chance of making your idea a successful business.

  • Know what the customers would like by conducting a market research

Friends and family may be too gentle with you to tell you the truth. However getting out to the market and speaking to potential customers will give you an overview of what it is that the customers would like from your line of business. Ask them if they would get your products at the price you set and if they are not sure then it’s time to reconsider.

  • Determine the competition

If your idea fall in a market where almost everyone in town is, then rethink. Compare your idea to the competitors’, could be you plan to offer your services or products at a higher fee than they do, if so, is the idea really viable?  Some people make the mistake of starting a business without looking into the competitors they have and end up failing.

Zeen is a next generation WordPress theme. It’s powerful, beautifully designed and comes with everything you need to engage your visitors and increase conversions.

Zeen Subscribe
A customizable subscription slide-in box to promote your newsletter