It is the beginning of the year and so many of you have LOTS of ideas personally and professionally. Of course we should believe in ourselves and really go for it in life! But just keeping it real here, there are so many ideas that don’t make it as a result of people not thinking it fully through; not doing the appropriate due diligence. Right now you might have tons of ideas in your head and not really sure which ideas you should pursue and those you should move on from. Below are some of the questions I always ask myself and have my clients ask when they have a potential business idea.
7 Things To Consider On Your Idea: Should You Pursue It Or Dump It?
- Does Your Idea Solve a Problem? – When looking at your idea, you should clearly be able to identify what problem it solves. If you can clearly define it, then there more likely is a need for it.
- What Benefits Will Your Idea Provide? – Along with how your idea solves a problem, you should be able to identify the benefits of your product or service. The more benefits you and others can see, the more reason you will have to pursue it.
- Do You Have Potential Clients? – Have people told you how good you are at your particular expertise? Have you shown your product to people and they want to buy it?
- Will People Pay for Your Idea? – Related to having potential clients, you should research the market for what clients will pay for your product or service. And based on that, can you see a profit being made from your idea?
- What Competition is Out There? – You’ll want to ensure that you niche out your product or service from others out there, but it’s also important to see if there is a need out there for your product or service. Doing a simple Google Search will yield you lots of information whether people are having the problem you are looking to solve and if there are other businesses doing a similar thing.
- How Much Will It Cost You? – It is important for you to understand the costs of developing your product and/or how much start-up costs are going to be for you.
- Are You Passionate About It? – Definitely part of being an entrepreneur is your passion level for your product or service idea. Being an entrepreneur is really hard work at times. You have to ensure you love what you are doing. You must LOVE getting up every day to do your business.
Which of the above considerations when evaluating your business idea most resonates with you? Do you already do some of these or do you need to be more diligent in doing them? I’d love to hear from you!
Cynthia helps you step into your personal and professional greatness with laser-focused strategies and really smart tips. She is definitely not about ‘the fluff’. It is a no-excuse zone with her! She gives you kick-butt motivation and awesome strategies for you to take positive actions forward each day. Commit to being mentored by Cynthia today! www.smartchic.me