Got an idea for a new business, but not sure if it will work or not? Now more than ever (during the time of Covid-19) young entrepreneurs have many opportunities to begin new businesses, but also need to be more conscious and careful when it comes to planning and developing their business idea.
There are 4 questions you should be asking yourself to find out if your business idea is a good idea or a not so good idea.
1. Does my business idea solve a new problem?
Good business ideas are always focused on providing a product or service that solves a problem for consumers. The current global pandemic has resulted in many new problems faced by the public, and other businesses. Businesses that provide helpful solutions are likely to succeed – for example, sanitisation or social distancing products.
A good way to determine if your business idea is solid is to explain the concept and why it is beneficial to your target market in just one sentence. If you struggle, then your idea probably needs some more work.
2. Does it solve an old problem in a new way?
Not all successful businesses are built around new problems. There are many existing problems that already have solutions, but maybe you think they could be better. Tackling an existing problem in an innovative way can give your business an advantage.
For example, delivery services are nothing new, but during the Coronavirus pandemic they have become essential. Providing an affordable delivery service to small local retailers is a way of making an old idea more innovative.
3. Can I keep ahead of the game?
If you have seen an opportunity for business, so have other entrepreneurs. Can you work quickly to develop your product or service before your competitors launch something similar? To succeed, you don’t want too much competition, and you don’t want to be seen as copying someone else.
4. Can you, personally, give your business idea the edge?
Lastly, your business really is, at its core, about you and what value YOU bring to your business.
What is it about you in particular that makes your business idea special? If you have a connection to your idea based on personal experience, it is far more likely to be successful.
This is because your life experience, social connections, unique talents, and work experience all play a role in understanding your target market, and having the skills to develop the best solution to their problems.
