So you have a nice business idea and want to start a new business… You might think that your idea sounds great, but the reality is that things often don’t turn out and perform as you expect them to. In fact, if you look into it some more, your idea might turn out to not be so great, or it might not be the right idea for you. Before you waste your time, effort, and money into your new business idea, you should ask yourself some important questions to better assess it and assess if it’s worth pursuing. Here are the 9 questions to ask yourself before starting a new business:
1. Has it already been done?
If you want to do something, do something new that’s not being done by others… Something different than what’s being done. Do your diligent research and make sure that no one else is already doing what you’re aspiring to do.
2. Am I one of the best at it?
Find out what you’re best at, and do that. If you’re not the best at something, don’t do it. Find something else that you’re really good at. If there’s nothing you’re good at yet, practice or learn until you’re really good at something. If you still can’t figure out what to pick, ask yourself: What can I offer that no one else can offer? Pick something that can’t be easily done or imitated by others. Pick something with high barriers to entry… something that only you can do, or something that you have an advantage in.
3. Is it needed?
Entrepreneurs often fall into the mistake of doing what they “want” to do, and not doing what is “needed”. In addition to that, sometimes what they think is needed might be based solely on their own opinions and feelings, so their assumption might actually be false. There are many ways to validate assumptions and find out what is truly needed in a certain market or by a certain target user group.
4. Do I enjoy it?
Do something that you’re really passionate about because it’s going to become your identity. When people ask you what you’re doing, that thing is going to be your answer, so pick something you’re proud and comfortable to tell people about.
5. Am I walking or willing to walk the extra mile?
The people who succeed are the ones who walk the extra mile and are willing to do the extra things that other people aren’t willing to do. Walk the extra mile.
6. Who are my suppliers?
Find your suppliers. This might not apply to all types of businesses, but it doesn’t only apply to physical or retail businesses. For example, in a services business, you might need to outsource work to suppliers of the service that you provide. Make sure you know who your suppliers are, and make sure there are enough of them.
7. Who is my niche audience?
If you don’t have a niche, you’re significantly lowering your chances of success. You’ll have a hard time trying to appeal to everyone, and it will also be quite expensive to reach everyone. For example, a new vegan pizza restaurant is going to have higher chances of success marketing to vegans than a generic new pizza restaurant who’s marketing to anyone and everyone. If you don’t have a niche audience, then perhaps it’s better to change your business idea into a more niche one that has a niche audience. Niche audiences are easier to reach and acquire than generic ones.
8. Do I have a strong competitive advantage or “unfair advantage”?
Make sure you do, because if not, why compete? You won’t win.
9. Am I willing to invest money into it?
Why would investors invest in your business if you yourself aren’t confident enough in it to invest in it yourself? If someone else was doing the same business, would you invest in their business? Think about it.
If you weren’t able to answer some of these questions, or if any of your answers were negative, it means that your business idea is not likely to succeed and is not worth pursuing. Don’t give up. Take more time to think of and research new ideas, and run them through these 9 questions until you finally find an idea that’s worth pursuing.
At Productra, we can help you refine your idea, help you bring it to life, and lead it to success using our 3 valuable services. Think of us as one of your secret advantages. Contact us when you’re ready.
