Chapter 6 – How Do You Know If Your Business Idea Stinks?
Let’s look at your business idea again.
Let’s suppose you regularly bake chocolate chip cookies, and everyone at the bake sale loves them. You’re seeing people pay for them at the sale, and now wonder how you could sell even more of them for profit. You come up with a catchy name and an idea for a logo.
Is this a good business idea?
The real answer is: who knows? There are too many variables to know. But I have noticed strong business ideas seem to have a few things in common.
Look at your idea and ask yourself these questions:
- Is your idea adaptable? See change as constant. Even if your idea happens exactly how you see it, the markets will change and you need to adjust. They may love chocolate chip, but prefer oatmeal cookies in winter. That one-page business plan? Think of it as a living document, meaning you update it every day if you have to.
- Is your idea scalable? Being scalable (which is your idea’s ability to grow and still handle the work) is great but not always possible in the beginning, especially for those that go it alone. But have some idea of how to handle more business than anticipated.
- Is your idea meaningful? Many things motivate people to start their own business but the greatest motivator is a passion for some aspect of it. If the idea is fun or better yet, meaningful to you, it’s likely a strong idea. But you know this.
The majority of new business owners I meet struggle with their idea or some aspect of it. Was making the one-page business plan more difficult than you suspected? Not to worry.
Go back to it as many times as you have to. The only idea that’s any good is the one you try.
Catch up with:
Part 1 – Launching You, Inc.
Part 2 – Get Direction
Part 3 – Is Your Idea Any Good?
Part 4 – Should I Have Them Sign an NDA
Part 5 – Make a Practical Business Plan
Jason Veduccio, author of The New American Dreamer: How to Land That Ideal Job in a Nightmare Economy is a hard-working entrepreneur following his dreams, and he wants you to dream, too. Drawing on his experiences working with companies on marketing, technology, hiring, and workplace issues, his regular column will demystify the job search process and identify strategies for moving up the corporate ladder. Founder of In1Concepts, Jason also knows the ins and outs of launching a new business. He welcomes your questions and can be reached at email@example.com.