In the first part of the article, we introduced the first 5 tips on how to find out if your idea is interesting enough to start your business. Let’s take a look at the next 5 tips that may convince you of your business idea.
Have you tested your idea?
You will never know if your business will be viable until you test your idea on others.
“Test it – not just on friends who are too polite to tell you the truth, but with honest people who could form your ideal target audience, and listen to the feedback carefully,” says Lisa McCartney, manager in the mathematical society of płyty.
“If your target customers say your product is fantastic and ask where they can get it, you know you’re on track. But if they aren’t too excited, it’s probably not such a great idea as you thought.”
Are you open to everything?
If you’re not ready to change or customize your idea to your customers’ needs, your business idea is unlikely to succeed.
“Success comes when you are willing to listen and consider opinions of many others,” said Angie Yasulitis, CEO and Managing Partner of The Yazoo Group. “Most of good ideas has to be improved before getting on the market. Being narrow minded kills every potential business.
How will you promote your business?
Many entrepreneurs think about the problems that business will solve, but not how they approach their business to their target customers. Jesse Lipson, founder and chief executive officer of Real Magic, says your marketing strategy can determine if your business idea is good.
“If you have a good marketing strategy and a decent product, you will probably be successful,” Lipson said. “But if you have a great product without knowing how to reach potential customers, it will be really hard to make your business successful.”
Are your goals realistic?
Even though it is important to be excited about your new business idea, it is necessary that you keep your feet on the ground and stay realistic. Thomas J. Gravina, co-founder and CEO of Evolve IP, said that you should not be a dreamer when setting up a business.
“Just because you have a vision and you decide to build it doesn’t mean the rest will start happening by itself,” Gravina said. “Even if you have an idea that is original, revolutionary or progressive, there should be a real and solid market opportunity to ensure its success. Any new business case or new effort must have a viable market where you can sell right now – not theoretically or based on the assumption that you will be on the market sometime in the future. ”
Try to at least estimate all your costs and revenues and figure out how much you need to sell these products or services. If you opened an e-shop where you sell sunglasses and you get a profit of €5 on each, you would have to sell at least 300 pieces a month to earn some money.
Include in the expense not only the value of the products you buy from a supplier, but also the cost of setting up an e-shop and its administration, marketing, social networking, web hosting, product photography, accounting, tax, or customs duties for goods from abroad . And the time you spend on product implementation and business management.