Is Your Big Idea an Actual Business?
I recently had the opportunity to write for the Small Businesses Do it Better blog. Host and editor Carissa Dunphy interviews small business owners, entrepreneurs and industry experts, creating a site that offers valuable resources and insight to current and aspiring entrepreneurs. I’m often approached by people who may have an idea that they think could be a big hit on their hands, but want to get an understanding of what it takes to actually create a business around it. There’s a lot more to it than one might expect, and it’s critically important to get some clarity on this before you start investing significant time and resources into your idea. So when Carissa asked me to help answer the question, “Is Your Big Idea an Actual Business?” I was eager to contribute.
In this post, I discuss the following 6 questions you should be asking yourself:
- Is there a defined market? Every adult in America is not a defined market. You sound like you don’t understand your product.
- Does it solve a problem or fill a need? Understanding product/market fit. Better to find out sooner rather than later if you need to adjust your idea.
- Is someone willing to pay for it? There’s a big difference between nice to have and need to have. It takes a lot to get someone to open up their wallet.
- Have you gotten feedback? Keeping your idea a complete secret could mean missing out on valuable insight.
- Do you know how you will target and attract potential customers? Waiting for your product or company to go viral is not a marketing plan. Really.
- Are you ready to act? – When it comes down to it, are you prepared to commit the time and resources to really give your business a chance of success?
Check it out and find out if you are ready to take your idea to the next level!