The easy part is coming up with an idea. The hard part is to execute, implement and succeed in bringing that idea to market and making it a viable product. It’s one thing to have an idea, it’s another to make it a viable business idea.
So where do we start?
This article will step through a process on taking an idea to first assess the viability of that idea and then work through a process to take it to market. The research you do and your ability to honestly assess your idea is critical. Let’s have a look at our opening steps.
Assessing Your Business Idea
- Assess the market size. How big is the market in which your idea/product will operate in.
- Assess competitive advantage. Who competes in the market? What products will your product compete with? Is there dominant players or products? How will your idea stack up?
- Obtain independent review/research. It is important to obtain independent advice. Often when we are emotionally invested in an idea, we will miss important information and/or overlook it in the belief that our idea will work. Our family and friends are not the best independent advice you can get. Look for the trusted adviser that will best work with you.
- Assess capital needs. Do the work to do a full costings report on the projected idea. I have an understanding that usually what we believe it will cost, it will cost double. This is usually closer to our actual spend than what we previously think. Do you have access to funding or are you boot-strapping?
- Consider your management ability. What skills and expertise do you have that will enable you to work effectively in growing your business? Do you have the network that can help you? Do you have the ability to drive through the peaks and valleys that occur in business?
- Research has it been tried before? I know this is a given, or it should be. Do the research to see if the business idea has been tried before. Did it succeed or fail? Can you learn and improve or is this the clues you need not to proceed.
I see pain and I see success in my role as a Think and Grow Business Coach. Often I see the pain where someone works on an idea that doesn’t work. They get emotionally invested and ultimately financially de-vested. Follow the steps outlined and increase your chances of success for your business idea.
Sidenote: We have a number of resources and documents that will help you assess your business idea. Available on our Free Resources Page.