Is your business idea workable? Here is how you can check its feasibility
[This article was written by James Vargas.]
“It’s not just about ideas, it’s about making these ideas happen”
There are many ideas that pop up every now and then with the aim to bring in innovation in the business world. But not all of them have the potential to make a dent in the industry.
Even when the ideas seem to have the ability to make a change but what really attracts people is how well it is executed and the worth that its audience creates in terms of acceptance of that idea or a service.
So before rolling out the idea in the market or investing a lot of money and efforts to make it work as a full-fledged business, checking on its feasibility factors beforehand is what we call a smart step that every business owner should take.
If you are a startup business aspirant or someone with a great business idea or vision to create something new, here are few factors to validate your idea before getting started with its execution.
Does your idea match with your business niche?
The first aspect that can help you know whether your idea would work or not is by checking whether whatever you are planning to present to your audience does actually matches the industry interest.
Many times, in an attempt to make things innovative, the business ideas does lose its essence to match the original usage of the product or the service based on the industry it is to be launched in. Such ideas don’t have longer-lasting results as the audience would just like the new concept but when it comes to its usage they would prefer the ones that could really solve their problems.
What’s the probability of its market acceptance?
Most of the business ideas after rolling out don’t get accepted by its audience. Even after the business owners being very confident about it to get success, the end products that are launched in the market are hardly liked by the audience as the idea or the concept behind them is less convincing to please them to take it forward as a great success.
So while you are testing your idea, keep in mind the audience’s interest. Make sure you match up with the trend and the latest formats that are most liked by your prospective customers. If your idea has the capability to fulfill each of these aspects, the chances of it getting a blockbuster in the marketplace increases.
Taking an example, selling your newly designed sweaters in the summer will not help you make your clothes sell, no matter how outstanding your designs would be, because your audience doesn’t actually need it at the current time.
What’s the profit potential of the business?
No one does business to gain loss. If you find that your business idea is not something that can help you earn some bucks more than what you have invested, there is no meaning to launch or work on it.
Study the success ratio of the ideas or business that have some similarity to your idea. Find what amount of time and resources you will need to make that idea a working reality and the cost of its production. Predict the chances of success or profit from your past study. Now if you think the idea is worth the investment, then you should surely continue with the process.
Is there something new that can attract people?
The most important thing to get your business idea to pass the validation stage is knowing how different or unique it is from the rest in the market. Your business could only survive if it presents something new to the market audience. Keeping them interested and engaged is what will take the business in the long run, but if the most important essence of any business that is its uniqueness is missing then the chances of your audience shifting to other similar service increases.
So while you are planning to start a business based on a certain idea, authenticate its uniqueness and predict its acceptance by its audience in the form of their response. So try innovating something that can add value to the existing services and process.
Define the obstacles that could come during idea execution
You might be having a great business plan, you are clear about all the actions that are to be taken and are also assured about the money-making idea that you have to launch in the market. But there are still some things that have the power to destroy your dream by just accidentally entering your workflow.
Like you are planning to launch a product in your area that has never been entered in the market ever before and you are the first one to introduce it to the people around, just being completely unknown about it being banned or having certain banned rules over it to make it public. Here the idea was also new and also had the potential to make money, but what it missed was the unseen obstacle that blocked its way to success.
So the last point to take care of while contemplating over your business idea is the possible hurdles in the path to a successful business launch.
Starting a business to develop on an idea is truly an exciting journey, but this journey can only have a destination if it’s directed in the right direction towards success.
A business idea having very little potential to work or doesn’t have enough worth to set a benchmark in the market proves to be a big-time and money waster for the business owner. Validating it before making a business plan of execution is a better step to take to make sure your business works smoothly without any risk.
So before you plan to launch your business in the market, validate your idea by marking and passing it through the above-mentioned points and ensure yourself that your business is on the right track towards success.
James Vargas is an experienced business expert, startup business consultant, and manager at Get Everything Delivered. With the 1.5-decade corporate experience, he is now sharing his guidance to start-ups to grow with corporate team building activities and project delivery solutions.