7 Ways to Know if You Have A Good Business Idea

Coming up with a business idea is one thing. But coming up with a great one is a whole different story. 

Starting any business takes a huge leap of faith. It reminds me of those long past times when explorers and mariners would embark on a journey to discover what was hiding beyond the horizon. 

They couldn’t know if their voyage would be successful or not. They weren’t sure if they would find what they were looking for. Or find anything at all, for that matter. Such ventures were literal life-or-death situations, but regardless, they kept sailing. The stakes were high, but the potential reward – even higher. 

The stakes are high, but the potential reward – even higher.

It’s the same when starting a business. You’re an explorer who dares to take risks to achieve something extraordinary. A visionary whose imagination and determination know no limits.

But how do you decide which ideas are worth pursuing? 

These tips might be able to help you figure that out. 

Your business idea solves an existing problem that irritates you

Some of the most successful businesses emerged as a reaction to a problem that needed solving. 

Imagine there was a bump in the floor that you trip over every morning while getting ready for work. The first time, you may not react. The second time – you will start getting a little irritated. After a few days, that small nuisance will grow into a raging frustration and you’ll have no other option but to finally do something about it.

I mean, fixing your floor is certainly not the same as starting a business. But, if your idea solves a common problem that continuously disrupts the quality of your life – you are on a good way.

You are passionate about it

You know the saying among entrepreneurs: ‘I quit my 9-5 so now I work 24/7.’

Well, can you imagine dedicating this much time and effort to something and your heart isn’t quite there? Starting a business requires a tremendous amount of energy. So if you’re only semi-interested in your idea, but think it could be profitable – think twice. 

With the rhythm entrepreneurship forces upon you, not being passionate about it is a one-way ticket to burnout. 

Mere passion is not enough, but it’s a prerequisite that shows you’re on the right track. 

Find people who think your business idea sucks

Sure, it’s all good and well when you present your idea to the world and receive a standing ovation. But don’t let the flickering flame of success blind you just yet. 

Look around and find those haters who are picking the holes in your work. Those who think your idea is full of flaws. Those who cannot help themselves but criticize your brainchild. 

Watch out for them – because those people might be your biggest asset. They will turn  you in a direction that needs more work that you haven’t noticed before. They will pinpoint the weak spots, allowing you to fix them, and stay ahead of the curve.  

Haters could be a driving force that will make your uncut gem into a shining diamond.

Ultimately, this will lead you to a new, improved version of your idea, much more refined than the original one. Haters could be a driving force that will make your uncut gem into a shining diamond. So pay attention, you won’t regret it.

I know it’s not easy to hear somebody talking badly about your idea. But the earlier you embrace it, the sooner you’ll reap the benefits. 

Talk to your potential customers

How will you know if your idea solves your customers’ problems, if you don’t talk to them? 

Sometimes, we can be too much in our heads so we forget about whose needs we are actually meeting. Our customers’ or the people from our inner circle we keep talking to? 

Your ideal customer will probably differ from the people you talk to day to day. Find your ideal customer and see what they say about your idea. Is it something that would improve their lives in any way? Or that would make it more interesting or enjoyable or fun? 

If yes – congratulations, your business idea is most likely to have a good landing. If not – think about the possible adjustments you could make to accommodate your customers’ needs better.

No one else is doing it

If there’s an idea lingering in your mind and you’ve always thought: ‘How come no one else is doing it’ – it’s upon you to make it a reality. 

Coming up with an out-of-the-box idea might seem uncertain, but it’s fertile ground for an exceptional business. There is no clearer sign that your idea is good than the fact there’s a problem to be solved, and nobody else before you came up with the solution. 

However, that requires continuous learning, brushing up your skills, and pushing the limits. 

Tony Morrison once said: “If there’s a book that you want to read, but it hasn’t been written yet, then you must write it.” It’s the same with your business idea. You need to make it happen. After all, there is nobody else.

Somebody else is doing it wrong

Have you ever seen a product or service with great potential but couldn’t help but think how you could’ve done it better? You keep finding flaws and inconsistencies, while the ideas on how it could be improved frantically run around your mind. 

In this story, you are the aforementioned hater.  The only difference is – you want to do something about it. You know you can make it better. So you make it better. And you come up with a novel idea that removes all of those small nuisances that have previously bothered you. 

So if your idea solves a product, service or situation that frustrates you, you’re probably not alone. Take advantage of an unoptimized opportunity. Might you just be the one to make it perfect. 

Your business idea is profitable

This one is pretty self-explanatory, but if you can’t make your business idea profitable, is it really worth doing it? 

You don’t have to worry about in-depth financial forecasts at the early stages, but you should do some basic calculations to make sure you can profit from your idea.

Besides, starting your own business requires a lot of money. And you’ll have bills to pay even before your products start bringing in a steady stream of revenue.

That is why having an idea that is easy to fund is a must for having a successful business. Ideas are great, but you need money too.

 So think about it – will people pay for your idea? If yes, chances are high that people see value in it.

Having doubts is okay, but it’s high time to stop wondering and start doing. 

Put all of those notes on a paper, make a list, and see if you check these criteria. Act on your idea. Take a risk, and see where it takes you. 

Now, are you ready to start a business yet?

Source: Domain.me