10 Questions to Ask When Selecting a Business Idea
You’re set on starting a business, but are just starting to work out exactly what your service or product will be about. For a successful business endeavour, there are a range of elements that must work together to achieve your set goals including a good business model, a reliable team, a method of promoting your service or product, great financial management and more. At the heart of everything, however, is a good idea.
Marino Sussich is an expert in the industry that understands exactly what makes a great business idea. To help you to determine whether the idea that lies at the core of your business is worthy of pursuing, here is a list of important questions that you should ask yourself.
1. What is your Motivation?
What is it exactly that is driving your passion for this specific endeavour? To maintain energy and remain willing to put in the hours to get the business off the ground and continue running it, you have to harness the driving force and remind yourself of this regularly.
If there is no passion behind this chosen idea, it may be difficult to continue putting in the necessary work to generate success.
2. Will this idea be financially viable?
It is important for this idea to be able to make profit. Does it cost more than is likely to be returned? Is it something that can make continued revenue or will it be short-lived?
3. Who is the audience for this idea?
You should establish whether there is a market for your product, and how large this market may be. If you are trying to accommodate everyone, this may cause issues as the audience is not specific enough. At the same time, if it is too niche you may not have enough customers.
4. Who is the competition?
Is anyone already providing a similar product or service? Look into what any competitors are already doing, learn from the ways they operate and think of how you can do things differently.
5. How is it unique?
If you are providing a service that is exactly the same as existing ones, it will be difficult to compete with established businesses offering the same idea. Try to find a point of difference that fills a gap in the market.
6. Is your audience reachable?
Consider whether your chosen target market will be easy to reach. Are you trying to sell a product to people who are living off the grid, or are they regularly online? Think about how you can notify your audience about what you are offering, and show them how it can enhance their lives.
7. Is your business valuable?
Your idea, at its core, should be something that adds value to the lives of users. Just as Uber makes ride-sharing easier, your business should work to make something easier or enhance an existing experience. It should take something that your audience already wants to do, whether they currently realise it or not, and make it possible.
8. Is the idea simple?
A good idea is easy to explain, with a clear purpose that the market can easily understand. Complicated ideas may take more time and energy to communicate what they are and why they may be of use to the user.
9. How will you provide it?
Is this idea something that is easy to produce? If lots of effort is spent on creating it, there needs to be a guarantee that the time and energy required will be eventually met with appropriate profit. Consider if there are other ideas that require less effort and will produce more revenue.
10. Is it currently in demand?
Is your product something that people will want today? Is it also likely to be something that they will continue to want? Consider market trends and the potential for these trends to change.
Business consulting with Marino Sussich
With a strong understanding of what it is that makes a successful business, Marino Robert Sussich is able to assist you. For quality service from an expert business consultant, contact him today and achieve your business goals.
