How to Measure the Potential of Your Business Idea

Every day more people dream of the freedom to direct their own company.

Dreaming about the lifestyle of an entrepreneur and having financial freedom makes trying almost worth it, at any cost (in a good sense of the word). Imagining that you can hit the “big shot” and multiply your income causes enthusiasm and energy to overflow.

However, the question that invades us and that accompanies us in the process is how to know if that business idea we have in mind will be successful ?.

And while there are no patterns or formulas to answer this question, there are some basic methods and premises that every entrepreneur should know to be able to measure the potential of a business idea and take safer steps in your project.

Like any planning process, it is essential to take a pencil and paper and begin to answer the following questions. The end result will be a clearer mind as to the execution of the idea and a qualitative measure of the income potential it can have.

Is it a new business idea?

What you have in mind, is it a totally new concept or is it a replica of something that already exists?
If your idea is new, the chances of success and failure are 50-50 due to the fact that it is something that does not exist and therefore the competition would be practically nil. Your risk level is high but you can also be sure that if your product or service proposal is accepted, your potential for financial success will be very high.

See also  The "Guardian Angel" Reinvented By An Entrepreneur

On the other hand, if you business model it already exists and your objective is to aim it to capture an unexplored market and taking advantage of a proven concept, then the risk is lower and you also have enormous possibilities of success. In this case, you should investigate very well the competition you may have to be very clear against what or who you have to compete against.

Is there a potential market for your business idea?

Some ideas can bring great and phenomenal products to life. Except they are focused on the wrong market and therefore fail. So the next obligatory question is do you have a potential market for the business idea What do you have in mind?

If you are not totally sure about it, you should spend enough time to research it by doing a basic market study. If that market does not exist at the moment, it does not mean that the idea is bad, simply that you have to find where that customer is who will be interested and will buy your product.

In any case, this will lead you to define the profile of your client and how you will reach him, which is part of your business plan.

Is your proposal legal?

Many ideas are great but not necessarily ethical and legal. Is your idea founded on the basis of respect for life, liberty and property?

See also  For Your Business To Grow

It may sound obvious but answering this question will save you not only from failures but from future problems. The business ideas that are built on the destruction of the earth, mistreatment of animals, deception of people, misuse of copyright, exploitation or other high-risk activities are definitely doomed to failure and are not recommended at all.

Do you have the knowledge and the ability to execute that idea you want to undertake?

Again, you may have a great profitable business idea in your hands but is this viable ?.
From said to fact there is a long way“- the saying goes – and that is that for that great idea to become a great business it is necessary to have fundamental skills in negotiation, administration and marketing, among others.

Of course, you do not necessarily have to do it or know everything, but if you are going to lead a company you will have to know the business in depth, be a sales expert and in any case hire adequate personnel to complement you, but the ability and knowledge to execution are decisive for the success of your company.

Is this the right time to set up your business idea?

Did you know that producer James Cameron confessed that he had all the necessary technology for the assembly of the film “Avatar“Since many years before but who did not produce it until he considered that the public would be ready to accept this type of film?

And it is no secret to anyone that it was a resounding film success that earned millions of dollars.

This is precisely what I mean by defining the right moment. And to know it you will need more intuition than any other resource because this is something that only your heart can confirm. Knowing how to wait is also a quality of the great entrepreneurs of history.

conclusion

You must be very clear that desire and enthusiasm are important but they are not the only elements you will need to start a business. Many people with good intentions make the serious mistake of speculating, assuming and hoping that “by fate” everything will work out.

In any good project, for it to be successful, 80% must be dedicated to planning and 20% to execution.

Plus ideas and business plans:

You can bookmark this page
Start a PerkUp Business

Start a PerkUp Business

We help entrepreneurs build successful businesses for digital loyalty and customer loyaltyWe have a clear path to financial success with ...
Top Reasons Remote Retreat May Be Ideal for Your Next Custom Trip

Top Reasons Remote Retreat May Be Ideal for Your Next Custom Trip

Life has become so demanding, stressful and chaotic for the average adult that it eats away at their physical and ...
Start a Catalyft Success System Business

Start a Catalyft Success System Business

Make a difference in the world ...Become a certified Catalyft® coachCatalyft® offers a business coaching certification program that includes a ...
Start a Smart Drinks Franchise

Start a Smart Drinks Franchise

DELICIOUS, ALL NATURAL SMOOTH AND SUPPLEMENTSBenefit from a franchise opportunity to feel good!You can join our Mind, Fitness, Health focused ...
The 10 Most Common Risks When Starting a Business and How to Minimize Them

The 10 Most Common Risks When Starting a Business and How to Minimize Them

The No.1 factor that stops anyone from start a business it is the risk and especially the fear of not ...
Strategies to Sell More

Strategies to Sell More

Except for one, which many times usually leave the last one. A very important aspect: how will you sell your ...
⋆ Effective Marketing of Your Home Business ⋆ American Business

⋆ Effective Marketing of Your Home Business ⋆ American Business

In fact, starting small is where most businesses got their start, and where is it better to start than from ...
Promotion of Professional Services: 9 Tips

Promotion of Professional Services: 9 Tips

If you are a doctor, lawyer, engineer, consultant or professional in other branches, you will surely feel how times are ...
Other Business Ideas No One Has Tried

Other Business Ideas No One Has Tried

A few days ago I posted a post about business ideas that no one has tried yet! and in response ...

Featured

Start a CycleBar Franchise

Start a CycleBar Franchise

Cyclebar® Premium Indoor Cycling ™CycleBar is the first and largest network of indoor cycling studios with almost 200 studios open.The ...
30 Things You Should Know About Your Competition, No Excuses

30 Things You Should Know About Your Competition, No Excuses

Entrepreneurship is like a game of strategy. Something very similar to chess where you are facing the opponent, analyzing, thinking, ...
Start a Property Management Inc. Franchise

Start a Property Management Inc. Franchise

Why a Property Management Franchise?Regardless of whether the real estate market is booming or crashing, more than 1/3 of the ...
7 Investments that every entrepreneur should make

7 Investments that every entrepreneur should make

Starting a business generally involves many investment decisions.Like a large ocean liner, from the moment of opening and through all ...
Speaking Another Language is Good Business

Speaking Another Language is Good Business

Today, being good is not enough. Globalization demands more and more competitive advantages in companies and one of them is ...
⋆ Learn how to invest wisely

⋆ Learn how to invest wisely

Despite the fact that people are one of the ways to grow their wealth, there is still a huge segment ...
Start a Screenmobile Franchise

Start a Screenmobile Franchise

Do you own a franchise that has zero national competition.Screenmobile is a nationwide leader in servicing residential and commercial buildings ...
Start a Mad Science Franchise

Start a Mad Science Franchise

Worldwide leading science providerWe trigger imaginative learning!For over 30 years we have provided children with unique, hands-on science experiences for ...
Start a SYNERGY HomeCare Franchise

Start a SYNERGY HomeCare Franchise

Find your personal and professional satisfaction with SYNERGY HomeCareLike many of us, you want to make a difference in the ...