It is possible to find many business ideas on the internet or come up with good ones on your own that may require very little capital to start, but not every one of them will become successful.
Regardless of how great a business idea is, its success will depend on the amount of consideration given to it.
I’m quite certain that as you read this, you probably have a business idea you want to execute or one that you have already started, but aren’t having the success you expected.
Whichever category you belong to, the questions below will help you know if your idea will become successful or not.
1. Can You Solve A Problem Or Correct A Lapse?
Is there a problem you want to solve? How differently do you want to do it if people are already doing it? These are important questions to ask here.
As the world advances in age and technology, people are looking for ways to do less and get more results. They are looking for products and services that will help make life easier for them. They need the product and services delivered at their doorsteps.
You can know what problem you want to solve by taking surveys from the streets, schools, talking to friends, family members, and relatives. The answers obtained can also help you know how to solve these problems differently if there are those who are already solving them.
2. What is The Size of Your Target Market?
Is your business going to serve a particular age group or more? Or is your business going to serve every age group? Is your target market large enough? It’s important to take these questions into consideration.
For example, Procter and Gamble produce Diapers; targeting the market family market. Unilever produces Close-up for every age group.
These products have large markets. And the larger the market the more likely your gain and vice versa.
3. Are There People Who Are Willing To Pay?
Now that you have identified a problem and the people who need a solution, are these people willing to pay for that solution?
According to Wil Schroter, “An idea is just an idea until you have a paying customer attached to it. Anyone can discredit a simple idea, but no one can discredit paying customers.”
It’s as simple as Wil Schroter put it. If no one is willing to pay for your brilliant idea, you might end up being frustrated.
4. Are You Aware Of The Competition?
Competition is a very important aspect for businesses. The Autojini in 7 Reasons That Competition is Good for Business points out that competition is at the heart of capitalism.
Whether you are the first to actualize a new idea or are going to do what others are doing, you must face competition because it is inevitable. Know what your competitors are doing in terms of pricing, quality, campaigns, etc.
When competition comes, it is your passion and skill that will keep you going. Your passion and skill will bring out your unique qualities that will be appealing to your customers.
5. Do You Have Knowledge in That Business?
No one has the encyclopedic capacity of knowledge, but you must have a considerable amount of knowledge before going into any business.
Mark Zuckerberg wouldn’t have gone into web development if he did not know to program. You cannot run a school or logistics business if you don’t have any knowledge of it.
If you are going to be dealing with products, you must understand how the basic principles of demand and supply affect your potential product.
However, if you don’t have knowledge in a particular business area but are interested in it, you can hire a consultant to guide you.
In conclusion, entrepreneurship is not for the chicken-hearted. You must be able to take risks to make profits. The higher the risks, the more the profit. But first, you must ask yourself the questions above before you bring that idea to reality.
Prudence must guide your courage to do business.