5 Questions To Ask To Make Sure Your Idea Is Good Enough To Become A Real Business 💸
✅ Or ❌ ?
Before you get started in business, you need to make sure that your idea is one that could actually be profitable and make you money. The following is a quick list of questions you can ask yourself to make sure that's the case!
#1 - Do I Love This?
First and foremost, you have to be certain that you love your idea. Make sure that your business is within a sector that you enjoy and are passionate about.
Not only will this help you because you already have built-in knowledge, it'll also be much much harder to do the difficult work when it comes up - and it definitely will come up.
The main benefit of loving your idea is that you are comfortable sacrificing your time and comfort to chase it. Times will never always be smooth sailing, so make sure you're doing something that you enjoy.
#2 - Do People Need What I'm Selling?
Up next, do people really need your idea, or is it just a pipe dream?
Make sure that you thoroughly test out this question with fully detailed research, including analysing current market trends as well as other businesses in similar sectors in order to judge if your product or service will be received well by the public.
#3 - How Much Potential Does My Idea Have To Grow?
Can your business double or triple in size? Can you sell it down the line for €50,000? Or €500.000 or €1,000,000? Ask yourself what the ceiling for your kind of idea really is.
Some businesses will simply never reach certain evaluations based on the sector they operate in, so make sure that the one you choose matches your goals and will grow at a pace that you're happy with.
#4 - Am I Reinventing The Wheel, Or Polishing It?
Make sure that you're aware of what angle you're taking with your idea. At the end of the day, you don't need an incredible idea to succeed in business...
Opening a restaurant isn't really an original idea for example, yet tonnes of new concepts open up every other day, some stay in their local areas and others become multinational chains - it's all about execution.
#5 - Am I Willing To Be In This Business In 7 Years?
Most importantly, you have to be in it for the long haul. In an ideal world, your business lasts a long time, and that can only happen if you make decisions with the end goal in mind.
Be prepared to face challenges and ups and downs all throughout, they never stop.
Always think long term and not short term. Short term decisions will get you short term results and cut you short of your true potential.
Stay Focused 😎
Your little idea could grow into an empire if you believe in it. Work hard, avoid distractions and feed your machine until it eventually makes enough money to feed you.
Good luck! If you ever need some inspiration, remember that FreeHour was started by a lone 18 year old at Junior College - you could do it too!
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Big thanks go out to our main sponsors Academy of Business Leaders & Gasan Mamo for helping to make this possible!