There are few things more thrilling or satisfying than developing a good idea. Buoyed with a sense of self-pride and elation, it can be easy to become swept away in dreams and possibilities. The reality, however, is that it takes more than a good idea to turn a profit. Here are the five questions that you should ask yourself before you take the plunge.
Is there demand?
The difference between a good idea and a phenomenally fantastic idea is whether or not it results in the provision of services or products that are in high demand. It is the difference between struggling along and making it big. Take the time to really research your market and decide what level of demand there is. This doesn’t have to involve weeks of investigatory work; you may find that finding an area with high demand for a product doesn’t take all that long at all.
Are you passionate?
Follow your heart; do something you are really passionate about. This may sound like trite or wishy-washy advice because you’ve heard it so many times before, but the fact is that you’re more likely to succeed if you’re passionate about what you’re doing. When we enjoy doing something and really believe in an idea, it naturally becomes easier to dedicate the required time and effort. This is crucial when the times are tough and reaching a profit is years away; it simply has to be about more than just the money.
Can you deal with the possibility of failure?
Being an entrepreneur means being a gambler; there is no way around this. There are certainly ways of mitigating risk, like working with business insurance providers such as Kingsbridge, but this won’t negate all risk. It’s why only certain individuals take the leap of faith required for funding, building and maintaining a business. With so much at stake, are you comfortable with taking a risk? Does the idea of failure scare or challenge you?
Can you stand out?
Competition is a real threat for all potential businesses. Even if your business idea is unique, chances are that after some time, new competitors will copy your business model and enter the fold. So how will you set your business apart? What defining features will make it memorable and distinct? There are a lot of businesses out there who may not make the most unique products in their field, but their way of producing their products (perhaps a greener approach to production) and marketing themselves makes them stand out among similar brands.
Do you have the skills?
Self-belief is one of the most powerful assets you can have, transforming doubts and obstacles in to opportunities for self-improvement and personal growth. Before you start a business, you have to identify any fears or misgivings and eliminate them. Trust that you have the skillset that will allow your business to flourish and survive. Confidence attracts others and breeds credibility.
How did you go? Are you still feeling positive about starting your own business? What other vital questions do you think should be asked?