Every entrepreneur knows that the first step in starting any new entrepreneurial venture is a good idea. Perhaps you have lots of ideas but are not sure which one is the right one to develop into a business.
Your answer is inside of you. To determine which, of your many business ideas, is good for you and the marketplace ask yourself these 20 questions. Compare your answers to the types of business ideas on your list.
These issues will identify good business ideas.
- Do you like working with products or services?
- Does your product solve a problem?
- Are you passionate about this market?
- Can you set up a test for your service on a small scale?
- Can you take feedback about your product and utilize it positively?
- Are you a people person or not?
- How will you market your product to your target customer?
- Like to work in teams, large or small, or by yourself?
- Are you a good boss or manager?
- Like to hire a lot of employees or not?
- Do people say you are a good salesperson?
- What can you make that is much better than existing products?
- How much money, if any, do you have to start your new business?
- Can you borrow from family or friends as startup investors?
- What skills do you have that can be sold profitably?
- Is your personal credit sufficient to obtain a loan for startup and working capital?
- Can you keep your current job while you build your business part-time?
- Is there a significant enough demand for your new invention?
- Are customers willing to pay enough for your new service to net you a decent profit?
The Best New Business Ideas are Simple
It is essential that you can explain, in simple and easy to understand terms, your product and service because the ability to clearly communicate its benefits to prospective customers will make or break your new company. This does not mean that your solution is not complicated just that you can tell its value to someone like my grandfather. So often new entrepreneurs are so enmeshed in the technical details they forget that their customers are often regular folk. You need to make sense to the masses, who may become your customers.
Get a Little Help from Your Friends
Use your friends as an informal testing group. You have an active group of people, whom are willing to help you and can be used for focus groups for your new product. Pass out samples to your friends and ask for their honest opinions. You will find many helpful suggestions that will enable you to improve your product before it even launches.
Test with Ads on Social Media
Invest a small amount of money to test your theory that the world does want to buy your new product by advertising on Facebook. These ad campaigns can be set up quickly and are relatively inexpensive and will answer the question “Will people pay me for my product idea?” Use the geo-target features in Facebook and focus on your planned target customer. Your click through rate is your determining factor to measure buying interest and intent. A few dollars spent now can save thousands in the long run by finding out if your idea is dead on arrival or not.
Check out this Business Idea Generator – http://best4businesses.com/startups/
By Marsha Kelly Business Blogger – Serial entrepreneur, after doing Time in corporate America, who has learned about what products and services really work well in business today. You can learn from my experience and my associates as we shop from the internet for tools, supplies and information to build our businesses and improve the lives of our family and ourselves on our site http://best4businesses.com/