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5 Ways to Check if Your Business Idea is Viable

If you have an explosive business idea, you might have even gone as far as creating a business plan. It could be around this time that doubt starts to set in (we have all been there!) and you want to check if your business idea is viable in the real business world. Here are 5 things to ask yourself:

Do You Have Enough Funds?

First things first, do you need a certain amount of capital to get your business off the ground or is it a very low overhead business? If you don’t have the funds you need right now, your next step should be to source the correct funding for your needs. Your local government website is a good place to start and will point you in the right direction. Is it time to maybe seek an investor?

How is Your Business Idea Unique?

If you are attempting to enter a saturated market it’s important to think carefully about how successful you want your business to be. You might view this differently depending on your current circumstances. If you are happy with a part time hobby type business which brings in extra money to supplement your current income then maybe this is the place to start. If you want more, you will need to carefully consider what makes your idea unique so you stand out in the market.

Who Are Your Customers?

Ahh, the golden rule of business, if you don’t know who your customers are then how can you expect to reach them with your product or service? Do your research, build your ideal customer profile and get to know them inside out before you present them with your business idea. Taking care of this step will benefit you over and over as a business owner in the future.

Who Are Your Competitors?

Similarly, you need to research your closest competitors. If you have a completely unique business idea which no one is doing yet, then you will build your own brand new niche but the chances are, other business owners have similar services or items on the market. Research the closest ones and see what they are doing, why they are doing it, how successful they are and what you can do differently to stand out.

Do You Have a Marketing Strategy?

To market your business, you need a marketing strategy. If you have actioned the above steps then you will already be ahead with a profile of your ideal customer. An excellent marketing strategy will help you put in to place the next step which is placing yourself in front of your desired audience and encouraging them to buy from you.

If you need help with exploring your new business idea or want to discuss a solid marketing strategy, I am happy to schedule a free call with you to bounce some ideas and options for you. Contact me here to book a time in my diary.