5. Is your idea too big?
Many entrepreneurs take on too much too soon or address too large a market with their first ideas. Even experienced executives with capital to spend often make the mistake of targeting too large a market, without proper messaging or without the ability to execute the highest-quality products.
Without enough customers to support the expenses, you will not be able to remain in business for too long. So, at the start try to project how many people in your region will benefit from your business and can become your customers. Then expand by demand.
6. Is there a room for growth?
The successful business concept is one that may start small but has the potential to be expanded, to develop into something much larger. In other words, it has a potential for leverage, which means that any investment you make only adds value beyond its original purpose.
You do not have to be a large company to leverage your ideas. It is not good business to launch your idea when it is too complex or has too many diverse parts. If you start out small and build your good reputation, once you are established and making money, you may leverage that fine reputation and begin offering your clients more products and services. After all, importing, designing, or licensing products under your name could very well be a complementary business once you have a solid customer base.
The key to building a new business is to amass a core of repeat customers who trust what you offer in your primary business. These are the people who will be pleased to consider any fresh ideas you may present in the future. They are also the people who will spread the good word when they are happy with what you provide.
7. Does your idea make the world better?
A truly great business concept has all of the attributes described so far, but it also has something else that makes it unique. It has that special “something” that affects people in a most positive way.
You need your customers feedback when something you did has touched their lives or changed the way they feel about something. Ask for reviews, feedback and comments whenever it is possible.
A great business idea might be sometimes pulled out of the air
Successful business concepts blossom in many different ways. It is important to be really spontaneous: When you see or think about something that sparks a creative thought, capture it! You can take inspiration from your neighborhood, from television or The Internet, by traveling and meeting new people.
If you keep an open mind and if you are receptive to suggestions from others, inspiration is everywhere. Once you define your business idea, just stay focused on it!
*This article is inspired by the book “The Martha Rules”, which you can purchase here as a hardcover, paperback or Kindle edition. If you prefer listening to it, you can now benefit from a special offer and do that absolutely free of charge by starting a free 30-day trial of the audiobooks library.
