You’ve got a great idea! In fact you may be full of great business ideas but have you ever wondered, “Is your business idea viable?” Many of us can brainstorm a bad idea into something that might sound great, but when you’re an entrepreneur you need to nurture business ideas with legs and let those that don’t seem sustainable or viable sit on a shelf.
Don’t toss out ideas that are too vague or too costly or too time-consuming as they may have their day.
Is Your Business Idea Viable?
Here are some ways to determine whether you’re cultivating a viable business idea:
- You need more than an idea. Once you have an idea for a business, do you have the ability to drill down and make sure the idea can be a potential money maker? Ideas are plentiful, the steps to bring an idea to fruition may not be.
- Let’s face it, you don’t need the next-best-no-one-has-ever-though-of-this-before idea. There may not be any new ideas, but the way in which you execute your idea is what might make it fly.
- Is your idea ahead of its time? Is there a market or a niche available for your idea? Can you piggyback on an idea? You don’t need to reinvent the wheel, your unique personality and idea follow through can be what takes your idea from the thinking stage to the operational phase.
- No matter how good your idea is, you need to have customers, or the ability to find customers, in order to make it fly. Where is your audience? Do you know your demographic? What will make them switch from the brand they’re using now to come to you?
- Don’t force a bad idea. If you’re struggling with an idea. If you have told trusted colleagues about your idea and they’ve taken a step back or have rolled their eyes or made other such negative noises or reactions, it could be justified. You may be trying to force a business idea that simply won’t fly or that is too costly or that the niche is so small and your product is so expensive that you simply can’t make a go of it.
What is your idea process? Do you struggle to take ideas from the thought stage to the implementation phase? We can help!