5 Tests to Figure Out If Your Business Idea Has Legs
Every successful business begins with a good idea, but coming up with the right one to launch your startup can be a struggle.
Once you arrive at something, however, it can be tough to know whether your idea has legs.
Here are five questions to ask yourself to test the potential of your idea:
1. Does your concept connect to something you love?
You'll spend the lion's share of your adult life working, so your idea had better be something you're passionate about or there's little reason to believe that you will stick with it.
Find a way to connect a passion to a relevant business idea. Then you can live the aphorism, “If you love what you do, you’ll never work a day in your life.”
2. Are you prompted to think big?
For your enterprise to truly expand into a credible business, your concept needs to be something you can envision catching on in the marketplace and really driving revenue.
Is there potential for a spin-off or franchises? Can the business go international? If you find yourself thinking, "There is potential for growth in ways well beyond my initial premise," chances are good you’re onto something.
3. Are you motivated to develop a road map?
Visualizing success can play a vital role. A great idea that lends itself to this kind of thinking may be one that's sustainable.
See if you can develop an initial road map while your idea is in its early stages. Such a plan could incorporate key elements such as a budget, marketing concepts and the number of future employees.
4. Is it possible to leverage today’s tech savvy?
There's nothing wrong with an old-school business idea. But a concept that can tap into the latest in technology, including the Internet and social media, might mean your business has a real shot at survival.
Obviously there are plenty of big ideas for the next must-have smartphone app or digital service, so technological potential should not be your only criteria.
5. Can you become an expert in your field?
You don't need master’s degree in business from an Ivy League school for your company to break out big.
But if your concept prompts you to read and learn more about your field and the concept's place in the business world, then you are well on your way. Research can be a whole lot of work, but so is running a business. For your company to survive, you'll have to become somewhat of an expert in your field. Hopefully your big idea will push you to fill in gaps in your knowledge. If it does not, you have the wrong idea.
Everybody wants to be a success. Coming up with a good idea is only half the battle. There is a little bit of luck involved, too, and then the rest is completely up to you.