8 signs your business idea is a winner
Date: 05/08/15 | Author: Sean Toomer
Coming up with a business idea is easy. Coming up with an awesome business idea is totally different, and particularly rare. Trying to figure out the awesome from the pants is very difficult, especially from an inside only view. Here are 8 signs to look out for.
1. No one else is doing it
This may seem obvious and show your idea is unique, but the key here is to continually evaluate ‘Why is no one else doing this’?
Be warned however, this may not be a strong indicator you’re onto a winning idea. There could be thousands of reasons why it’s not been done before, from impracticalities, not feasible finically, to the damn right stupid.
2. Someone else is doing it, but not like this
You’ve probably heard the expression ‘Don’t try to reinvent the wheel’ and that’s true – the wheel works just fine. But an improvement on the wheel, by adding rubber tyres etc. was an awesome idea.
Not all business ideas are born from total originality, some of the best ideas out there which have made the most money are an improvement or even tweak on an existing idea.
3. It solves a problem
And a real problem, that people know about. Solving a problem is a straight forward way of creating a business and people pay good money to have their problems solved.
4. People want to invest
All start ups need cash. If you ask for it, and your friends/family are prepared to invest actual money – and risk it all – for your idea, it’s likely a winner.
Take this further and get investment from outside your social circle should give you even more confidence.
5. It fills a niche
Imagine a business that caters for men. Massive market.
Now imagine a business that caters for men, aged 25-45, who spend 20 hours plus a week playing role playing games set in the middle ages. The market has now become a very specific demographic – it’s special.
Assuming that specific market is big enough, it could be a good indicator you’re onto a good idea. Niche markets make the customer feel special, because it’s niche to them. That’s why they work.
6. Those you don’t know think it’s a good idea
It’s one thing for people you know to agree it’s a good idea, but those people may not want to hurt your feelings, or crush enthusiasm by telling you your idea is poor.
Get as many people as possible to agree it’s a good idea and that could be a good sign you’re on to a winner.
7. It’s simple
And very easy to understand.
Explain your idea to a child, and have them explain it back to you. If you can achieve that, you’re likely on to a winner.
You need to be able to explain your idea with minimal explanation – people need to ‘get it’ and get it quickly.
Your passionate about the idea. This is what will be your main driver to make the business a success, to go beyond failure and keep going.
Ask yourself, if you would do this business for free. If the answer is yes, that’s a sure sign you’re onto a winner (don’t do it for free though!).
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