Ok, so you have some business ideas—but are they business worthy? Are they tech business worthy? The goal here is to create something that you put a lot of work into early-on, so that you can eventually put it on auto-pilot and have it earn income for you.
A feasible business idea is a concept for a business that is practical and achievable within the constraints of available resources, market conditions, and expected demand. It should demonstrate the potential for profitability and sustainability while addressing a specific need or problem in the market.
Key characteristics of a feasible business idea can be discovered by answering questions around the business idea potential.
Any business idea for early stage companies starts with the demand equation. Would people need or want your product or service?
Of course, until you build your webpage and start to approach prospects, eventually sell your product, you will not know for sure how well your idea will pan out, but there are a few ways you can see if you’re giving yourself the best chance to success.
Do some basic research: Are there similar products already out there, perhaps substitutes or complementary to your offering? For sure others may have had a similar ideas to yours. What is it, how are they doing, what are they missing? Where is your niche?
Perform a basic feasibility and market research: Does the market need your product, what is the industry potential and expected growth in the future. Dive in and understand the market for your idea, the size, the players, the future potential. You can learn all about this on our Market Research blog.
Do some keyword research: Use tools such as SEO Key word search, play around with related keywords. Is it popular?
Hold a Poll or Questionnaire! You can simply ask an audience simple questions, and gauge how well your idea will do based on their answers. If you have a blog or website already, have joined various groups, then this a great approach.
2. Is it Something You’re Passionate About?
Yes, you can have a successful idea that you’re not passionate about. Maybe you did your research and tested the market and that's where the potential is—that’s great. But, if you’re passionate about your idea and you really love working in this space, then your chances of succeeding increase drastically.
Starting a new business is a lot of hard work and long hours and guaranteed hurdles along the way. If you ever feel like throwing the towel at some point, the one thing that will pull you back will be your love for what you do.
Finally, you are more likely to be creative and come up a better product, if you love what you do, which will in turn make your customers more happy.
3. Can Your Idea be Built in a Work Flow Automation?
Is your idea online? Have you considered online business ideas in UAE? Will you be tapping into the increasingly relevant world of tech and automation?
When you build your processes, will you be able to do basically the same amount of work if two people or two-thousand people order from you?
As you select your idea, it's important to consider automation to create custom workflows, streamline communication, and automate routine tasks efficiently to better manage your business. Can your business idea allow you to say goodbye to mundane and repetitive tasks and increase your operational efficiency?
4. Financial Viability
A feasible idea is one where the business demonstrates a clear pathway to profitability, including realistic revenue projections and a manageable cost structure.
Can you visualize what your financial projections over the next three to five years might look like? Include expected revenue, expenses, and profitability. Being optimistic is good, but be grounded in realistic expectations supported by market research.
Not started to consider the financial dimension yet? try out our simplified Cash Flow Projection template, pre-built. You just need to populate.
5. Competitive Advantage
Any idea feasibility must consider the uniqueness of the offer. something unique or superior compared to existing competitors, providing a reason for customers to choose it over alternatives. Grab our Competition & Market template to understand your position in the target market.
6. Is your Idea Scalable?
If your idea was online and on sale, do you have to do any more work if you to get more orders? therefore if your idea is human centric and you need to be present all the time, then it is not scalable.
The beauty of doing business online is that there are plenty of tools and services out there that allow us to not be present, from automating payments and transactions to marketing and business development.
Want to check the validity of your business idea? We offer a Free Business Idea Validation template.
You are in a long term game, you need to think about people that will be surrounding you next year, in 3 years, in 5 years and longer. Look at sweat equity as a stepping stone to success. Instead of borrowing money to pay talent, you include in your business talent that believes in your venture and is willing to work for a greater reward later on.
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urBIZassist believes in the power of "know-how" to transform lives and positively impact the world around us.
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