So you are harbouring a big idea for a business. Great! You are convinced that this is the one that will change the landscape and be the next big thing. You’ll become a much-sought investor, or perhaps you’ll finally be able to purchase a vacation home in a sunny, tropical island and enjoy your newfound wealth-and it’s all because of this game-changing business idea.
But stop just for a second. How do you know that you actually have a good idea? Take note that the world is full of people who are looking to succeed in business.
To get an answer that’s better than simply “gut instinct,” here are a couple of tips to know if you’re on the right path – taken from people who’ve actually had them.
Ask key people. You obviously have people in your life, mostly if you’ve already worked with them on business matters in the past, which you think of as advisors or trusted colleagues. If you have a business idea you want to try, ask these people for their feedback.
If you’re just starting out and don’t know anyone in business, let’s just say that where there’s a will, there’s a way. It’s why mentors can be those in your same field or business advisors through the SBA and other agencies. The value of acquiring a professional’s opinion on your idea is highly crucial to the future direction of your business. Be it opening a service business or retail, understanding how to acquire your products from a wholesale supplier would require the help of experts.
Use crowd sourcing for market research. Using public ads on free sites to create focus groups are easy and effective. Most start-ups and all established corporations do some kind of market research to test their business idea. The good news is that this method is accessible and inexpensive.
Crowd sourcing is an easy and cost-effective way to evaluate the demand for products and services in your area. The same day your test-ads went up you can get multiple inquiries, which can be the green light you need to continue.
Utilize grassroots campaign. Grassroots campaigns typically denote people getting out into the community physically, to directly talk to people about a cause or issue. From door to door to booth set up during a community event, it’s a method that was frequently used in the pre-internet era to gather data.
This decidedly old-school approach remains a good way for people who are just starting businesses in close-knit neighbor hoods. If your business idea is a fast food stop in a particular area, getting out onto the streets and openly asking what the locals prefer is a good way to understand what will be successful there.
Business ideas are endless if you do enough research. You might even find the best kind if you keep your mind open. Besides the ones mentioned above, you can also consider the political climate of certain industries and gather ideas for your business. For example, with the legalization of cannabis for recreational purposes, the industry has seen a great rise in cannabis dispensary businesses. That means when you are unaware of the political situation, or how will it affect the economy of an industry like cannabis, you have the upper hand in taking advantage of it and building a successful business.
When you’re more positive that you have an idea going, it’s time to take steps. After consulting with experts, one of your early considerations should be setting up your online presence through a website. You must reserve your businesses’ domain name as soon as possible so that no one else can claim your web address or identity.
You can learn more about what domain name is online and the steps you need for creating your online presence.
How have you had business ideas in the past? What tips do you have for other people to figure out if an idea is worth pursuing? Share it with us!