Will Your BIG Business Idea Work?
What if you woke up one day with an idea for a business that you KNEW would work. You race out of bed and tell a few people and they think its brilliant too. Yet is it? Before you invest any money or put too much time into your idea, ask yourself some questions.
- Is there a market for it? Are there people who need it and/or want it AND are willing to pay money for it?
- Can you protect it? Could you patent it? Trademark it? Copywrite it?
- Is it the right time? Are the trends in the market or in this industry ripe for your product or service?
- Is it unique? And I mean truly unique. We all think we’re unique but really ask yourself if you ARE unique or do you just think you are? And then dig further and ask – why would people care about your product or service?
- Do the numbers make sense? Is there profit to be made? Could you survive if it didn’t make money for a while?
- Is it scalable? Could it grow? Would there be a future in it? Do you want it to have a future?
- Do you LOVE it? I mean really love it? Are you ready to eat, sleep and breathe it?
- Would you be okay if you didn’t do it? What’s your passion and energy level?
- Who do you know who has done it? What would they tell you?
And if you answer these questions and know in your gut this is the right thing, right now – GO FOR IT! Many entrepreneurs have been told NOT to build a business only to go on and prove all the naysayers wrong. If you’re not sure – wait. Wait for as long as you need. But once you KNOW the time is right – DO IT.