Here I talk about how to find out whether or not your business idea is a good one- How to Evaluate a Business Idea- and QUICKLY ! Ideas are great, business ideas are even better. Though, is that tech startup idea- "the Uber of" you've been mulling in your head a great one? Using these steps, you can decide for yourself.
First, find out if your idea solves a problem, saves someone or a company money, or makes life easier. Businesses solve problems.
Next, will anyone care? While business unicorns exist, here I speak about practical business ideas not driven by potential IPO success. Talk with entrepreneurs in the industry and see if they have this issue and do want it fixed.
Is anyone else operating a startup or business that currently is same or close to your business idea. Review their product pricing and also search to find out how much possible market share they have. Make sure to review their social media accounts- this is great way to determine whether they have loyal customers!
Is it scalable? Find out how big this business or business idea can get. By using data services like Experian, you can get a decent idea of how many consumers or businesses exist in this niche.
Last: DO THE MATH. Businesses need math. Using the top number for potential consumers from data service multiply it out by prices of competitors and how much they might be making at the most.
Remember Ideas are great, but execution is everything!
Cheers!
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-John P
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