By Alua Kassymbekova
Many people come up with seemingly brilliant business ideas that are often abandoned after initial research.
There are, of course, success stories, but most often the search for a good business idea is like searching for a needle in a haystack. How to make sure that a business idea will be successful? Before you invest your time, money, and labor in an idea, you need to make sure that it is viable, and this requires a thorough “search for the truth” to understand whether it will be possible to turn the idea into a real business chance.
Will there be demand?
One of the main questions that need to be answered is whether there is a place for your idea in the market? Is there a real need for it and will potential customers want to pay for it? Many entrepreneurs believe that it is paying and interested customers who determine the value of an idea. The question is very simple: will the potential customer be willing to pay for the product or service you offer? Use all the other available opportunities — conversations with friends and acquaintances, online surveys, focus groups, forums, and conferences.
It is also important to understand whether the product or service you have created will be affordable for potential customers. Are there any competitors who can offer the same thing, but for a lower price? If so, go back to the haystack and keep looking.
Will the idea bring profit?
A successful business is a business that makes a profit. If the cost of the product or service you offer is higher than the price for which you will be able to sell them, then you can hardly call your business successful. Calculate the average cost of implementing your idea, think about what could be its ideal price in the market.
The business environment is harsh and the competition is relentless. Even about those who came to the market with outstanding calculations. You don’t want to start a marathon five kilo meters behind the other runners, do you? When starting your business in an existing market, use the same approach.
Is it possible to develop the idea?
A good business idea carries with it the possibility of growth. And already at the very beginning of the business activity, you need a plan for how to develop and expand the business; or, at least, you need to have an idea of its further direction. Your offer will quickly find competitors, and, according to the laws of nature and economics, the one who will develop will survive.
Is there something unique about the idea?
A copy remains a copy. It will be very difficult for a business idea that is no different from the proposals of competitors already available on the market to survive. Think about it and, if possible, find unique aspects of your product or service. If you can’t find them, pay attention to the competition. What are their weaknesses? How can we improve what they already offer? When you find that, you’ll find your steam engine.
Do you believe in your idea?
Starting and maintaining a business cannot be compared to a road strewn with rose petals: even if successful, count on difficulties, challenges, and difficult moments. Without an idea, an internal engine, and a real belief in your idea, this path will be especially difficult. Even after all the calculations and research, you should consider whether you want to live your idea every day, whether you believe in it enough to convince others to believe in it. If you can’t answer the above questions with a firm “yes” when thinking about your business idea, drop the sentimentality and move on. It’s time to start digging through the haystack again to find the right need.
