You have an idea. It’s a business idea that can be turned into money. Although, you are not sure if this idea will even be profitable. You seek confirmations from the internet if it is a good idea. Then you come across this article and decided to click on it. And now you’re here. And I am here to help you. Let me elaborate on the matter. Here are 5 ways to know if you have a great business idea.
1. Solves a problem
Life is full of problems. People go to the store to buy foods to sate their hunger. They go to the movies to relieve the stress from work. People buy products or services to make their lives easier.
Sometimes, the solution may already exist yet they lack something. Maybe they aren’t that effective, satisfying, or attractive. Perhaps they are too expensive (cost problem), too time-consuming (efficiency problem), broke easily (quality problem), requires special equipment or technique to create (convenience problem), or any other problems. Your idea can come into play here. Maybe your idea can be sold as a better solution.
2. People are willing to pay for it, and profits can still be made
No matter how flawless your products are, if the price isn’t right, no one’s going to buy them. Sometimes your target customers aren’t wealthy, yet you priced your product higher than they can afford. Understand the market better to succeed. Set a price that’s reasonable for the customer and your profit margin.
Although, there is another method. You can make it as if your product values are higher than they are. Perhaps with an extraordinary marketing campaign. People will be more willing to give their money out from the fear of missing out. Your customers might shift the idea of owning your products from a nice-have to a must-have.
3. Unique and not easy to copy
It would be great if nobody had run the same business as your idea. But there are seven billion people on Earth. Thinking of a completely original idea might be as rare as a unicorn.
One of the strongest defenses you can take to protect your idea is through legal procedures. By filing for patents and copyright to protect your intellectual property. Patents will protect inventions of new processes, while copyright will protect published and unpublished original works in literature, music, art, architecture, software, and choreography. You, as the owner, have exclusive rights to patented or copyrighted ideas. This means that you have the right to reproduce, make derivatives (expand), distribute copies, display the work in public, or perform the work publicly.
4. The business can grow
Time moves forward, new technologies are invented and introduced, trends change over the years and so must you. You and your business need to adapt to these changes so that you won’t be left behind. You might think your idea is small right now, but you may not know its true potential yet. You must put more attention on how to expand your idea. Its flexibility, resilience, monetization, and its ability to go through remodeling.
5. You put your trust and faith in it but stay calculative
As you go through your idea and implement them in real life, you probably only consider profits and any surface knowledge of your idea. But you really should consider other things. You have to learn everything you need to know concerning your idea. Regarding the product itself, such as the technology required, technique or recipe, the ingredients, the equipment, and tools. And regarding the sales, such as the target customer, the price of similar products in the market, your competitive edge.
No matter how perfect you think your idea is, hoping it to be executed perfectly from the get-go would be a ridiculous notion. Hold the reins of your thoughts. Be honest with yourself. Be mindful of the possibility of failure. Don’t be too contented about your idea and always be mindful of the risk involved. You need a plan of when things go wrong. You’ll need to plan, improvise, or change strategy along your business journey.
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