How to Know if My Business Idea is Good?

Launching a business is not an easy task, because, in addition to having initial capital to help you sustain the first months of life, you must have a profitable business model that is easy to implement and that solves or meets a need.

All this sounds like a headache, you may not have even asked yourself and the only thing that occurred to you is to put a store, and voila, your business is up and running. But is this a good idea? There are those who consider that it is, but there are others who believe a prior analysis is necessary and not simply out of fear but to understand the impact of your business.

It is not about creating a super algorithm that will help you find the business that is going to grow like foam and will bring you thousands of clients, there is still no magic formula for that, but there is about obtaining the necessary bases to cover needs and solve You have doubts about what your clients are about to get, so what should I analyze to know if my idea is a good one? Well, here we share this technique that will help you get an answer.

Do you solve an old or new problem?

The solution to your good idea is by asking yourself, does my idea solve an old or a new problem? If it is an old problem, your idea should give a completely new solution to that situation; on the contrary, if it is a new problem, you could apply an old solution to that new paradigm.

This can be applied and is a good idea because, in case the problem is new and you have a new idea to solve it, maybe the world is not ready for it and therefore it will be difficult for the public to understand it. On the contrary, if you apply an old solution to an old problem, then your idea is not relevant, because surely they already applied this idea and it works or not, it ended up being adopted or discarded by customers and you would simply become one of the bunch.

Maybe some examples could help you:

In the case of the old problem, Airbnb came up with a completely new solution to the problem “I want a place to stay while I travel and at a fair price”, so it converted empty rooms, houses, and apartments into accommodation. On the other hand, apply a solution old to a new problem, there is the case of the pandemic, a problem that affected us all, but especially the commercial premises had to modify their forms of sale and are using social networks to charge and thus send their products or that your customers come to pick them up.

As you can see, business ideas are often within your reach and you don’t have to develop a whole new model, but rather implement practical solutions. But to validate that practicality there are your clients, so do not hesitate to ask them.

Ask your clients

The idea of ​​asking them is that they are 100% sincere so that you can adjust your idea little by little. Well, what is the use of implementing it if you do not know how willing they are to change or if they are solving their problems? Ask them questions like how they currently solve their problems. What do they think of your idea? Good and bad feedback is worth it. The important thing is to receive a lot and very good points of view. You will see that with this, you will receive invaluable information and another perspective that will help you develop a better plan.

Interview as many people as you deem appropriate and as soon as you have the information you need, start redesigning your idea, update it and you will find a real solution that can help your clients. With this ready, you could come up with an initial version of your idea or solution, physical or in the proposal, you could present it to your clients. The idea is that your potential customers understand the advantages and from there make an objective judgment with the intention of improving it or discovering that this is the solution they need.

Be flexible

Maybe your idea is good, but the market is not ready for it, would you launch it or modify it? It is necessary that, as we discussed in the first paragraphs, you offer an old solution to a new problem with the intention of familiarizing people, but with the aim that in the future, they will join your final solution full of technology.

However, this can take a long time and one of the advantages that small businesses have is that they have a great capacity to adapt so they evolve day after day. Avoid being so static and attached to an idea that it could bring you more problems than benefits. The idea is to start with a “small” version of your idea, which will allow you to continue listening to your customers to modify and adapt it quickly and easily. Of course, it is not about hearing them and immediately changing them, but also about evaluating how good this modification is and seeing the feasibility.

When you start your business “small”, you will feel that it is not ready and still lacking, but most of the time, you will find that customers may not even know. And, the ability to turn and change direction quickly is far more valuable to your long-term success than trying to get it all right the first time. With the passage of time, the necessary modifications, and adjustments, you will begin to grow, which means that your business idea is good and is succeeding.