A great business idea can come to you anywhere; the problem can often be getting it recorded in time before thousands of other thoughts push it out of your head.
But, after you’ve had the idea and some tie to think; how do you know if it really is good enough to follow? If you’re going to build a business you’re going to need to commit your time, money and other resources; you’ve got to know that it’s viable in the first place!
Fortunately, there are some simple things you can do to establish just how good your idea is:
Check The Market
The first thing you need to do is check the market; are there any other businesses that are offering the same, or a similar, product/service to the one you envision? If there is, your brilliant idea may not be as good as you think.
But, that doesn’t mean the end of the road, you simply need to scope out the level of the competition, whether your idea is different in a significant way, and whether there is room in the market for you.
If you think the answer is yes then you’re off to a good start.
Establish A Moat
You’ll now need to consider protecting your business as much as possible. If you bring a good product/service to the market you’re going to get others copying you. Take a look at your idea and see if there is anything that can be patented or otherwise protected; this will help to keep competitors at bay as you get yourself established.
Having this type of moat will help you to create a successful business. But, again, not having it doesn’t mean you can’t succeed; you simply need to think about your business plan very carefully before you launch; considering every angle.
Consider Your Base
You may assume that it’s best to start a business in the country you live in. However, you should consider that many people choose to start their business in the US. There are a variety of benefits from protection to tax rates and even education possibilities; they can make this a very attractive option which will help your business to survive.
All businesses are regulated in some way but if you’re considering a start-up in a heavily regulated industry then you must consider the amount of investment you’re going to have to make; just to comply with the regulations. This will be before you can start producing your product and marketing it.
In all likelihood, this will make the venture too risky to pursue.
If you’re an expert in the field that your idea has originated from then you have a distinct advantage. You can use that knowledge and experience to persuade people of the power of your product. The fact that you’re an expert will make it much easier for customers to believe.
You’ll also probably already have a social media or another network of people who know your credentials and can help to support your new idea; this is crucial to success. If you haven’t got this type of network in place start building it today; before you’re ready to launch.
If you’ve checked the above and still feel confident that you have a good business idea it’s time to draw up your business plan and get stuck in.