How to tell if your great business idea is so great

So, you came up with a brilliant new idea for a business, where people will be fighting to buy your amazing new product or to use your fantastic new service. All you have to do is go to work to share that fantastic idea. However, you are not really sure that your new product or service will be exactly what customers want. Or maybe it's something you only think they will want? 

A good idea is a prerequisite for success, but it should be borne in mind that the path from idea to a successful business is very long. It is always wise to thoroughly investigate what customers want to buy - not what you want to sell to them - before you implement your new idea.

For this reason, here are a few tips and suggestions on how to critically or objectively consider your new business idea before you start with its realisation, to prevent developing products and services nobody needs or wants.

Gather more information about the market

You must accept the fact that your business success depends entirely on the market. For this reason, collect and analyse good information: 

  • How many competitors exist in the market?
  • Is the market in the stage of growth, stagnation or reduction?
  • How much profit are you going to make?
  • How much will it cost you to turn your idea into reality?

Once you understand the market you will be able to make better business decisions.

Choose a proven power

If you are considering entering into the production process, make sure you choose products that people will always use, for example, toothbrushes. It is a proven product that you know people will buy over and over again. Think about this carefully and choose a specific type of product that offers new features. So, take a toothbrush for example and improve it. Offer something new that the competition doesn’t have. Remember that new features that make everything easy always sell. That way you won’t be forced to compete with the prices of strong competitors. Your product will have something that their product doesn’t have.

Test your idea

There are many ways to test your new idea. One way to do that is to organise a presentation of your products and see how people react to them. Ask customers to give you their honest opinions, which will help you make an improvement and create the perfect product or service.

Sonja Shear Coaching and Consulting

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