Every great business starts with a great concept. But as an aspiring entrepreneur, how can you determine whether your brilliant idea is worth pursuing? Before you take that big leap and launch your business, here are a few ways to tell that you’re on the right track.
You’re solving a problem
Looking for a healthy fast food option? Chipotle’s menu is free of preservatives and sourced from farms. Need a ride to the airport? With Lyft, you can have a driver at your house in minutes. These two companies — and every other successful brand — started out by identifying a challenge that consumers were facing and offering a solution in the form of products or services. If your business idea makes life easier, you could be onto something.
You’ve researched the competition
Do you know of any other companies that operate in the space you want to pursue? How do they market to their customers? Have you spent time reading their social media posts and website? Do you know what their selling point is? To find out if your idea can stand up to the competition, it’s important to dig deep and see who you’re up against.
You’ve received feedback from your target audience
Your friends and family love your idea, but how does your target audience feel? You’ll have a real sense of how strong your idea is by using focus groups, surveys, social media and the like to gauge interest. Launching a business takes careful consideration, if you want to do it right. Take the following quiz to get a more thorough assessment of your idea’s viability — and get our free Small Business Checklist with your results to help with your planning.