Got A Business Idea? How do you know if it’s any good?

If you’ve ever been buying, ordering or using something and suddenly had that ‘Eureka’ moment when you’ve thought in a moment of perfect clarity, ‘I could do this better,’ then depending upon what type of personality you are, how determined, some might even say foolish you are, you might just end up trying to make money out of it.

Some of the best known companies have been founded on the back of this type of thinking. Regus was started by Mark Dixon in Brussels as he observed that business people were frequenting coffee shops to conduct meetings and from this initial observation, the global company we know today was born.

Friends Reunited, although now long surpassed by Facebook in the world of social media, was a business idea developed by Steve and Julie Pankhurst, as they wondered about the fate of their old school friends. That curiosity coupled with the burgeoning internet of 1999 resulted in one of the early household internet companies, which was eventually sold to ITV in 2005 for approx. £150 million.

So, if you think you have the next Amazon or Twitter as a business idea then have a look at some of the bullet points below; you might find them inspirational, useful or thought provoking. Have a read and let us know which.

  • Ask the people you consider to be your future customers if they like it, want it, will buy at this price and see how big that group is.

 

  • When testing only change one variable at a time otherwise your stats will be worthless.

 

  • If you get positive feedback from potential customers that are strangers, then you could be on the right track.

 

  • If you’ve launched it and get repeat purchases as well as incremental growth.

 

  • Try Crowdfunding – with it prove a concept, demonstrate a market appetite and you’re filling an order book before you start.

 

  • Create focus groups with people who currently work in the industry and prospective customers for balanced feedback.

 

  • Ask the question ‘why has no one done this before?’ Has no one else thought of it – or have others tried & failed?

Leave a Reply

Your email address will not be published. Required fields are marked *