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How to Tell if Your Business Ideas are Valid? The Checklist

Updated: May 30

Ok, so you have some 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 so that you can eventually put it on auto-pilot and have it earn income for you.

Embrace Failure and Achieve Success in Your Business Journey!
What is Your Best Business Idea?

In order to tell if you have an idea that has potential, here are a four key questions that you can ask yourself to begin the journey.

1. Is it Something People are Looking for or Need?

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.

  • Do some keyword research: Use tools such as SEO Key word search, play around with related keywords. Is it popular?

  • Hold a Poll or Questionaire! 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 create a better product, if you love what you do, which will in turn make your customers more happy.

3. Can Your Idea be Turned into a Work Flow Automation?

Is your idea online? will you be tapping into the increasingly relevant world of tech and automation. When your build your processes, will you be able to do basically the same amount of work if 2 people or two-thousand people ordering 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. 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.

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.

Upcoming Event

We’re excited to announce the upcoming Founder Round Table & Speed Networking Webinar. This event focuses on improving your basic knowledge as an entrepreneur, with a focus on investor readiness. Join us to connect with like-minded entrepreneurs and gain valuable insights

Ready to take the next step in your business journey? Our team is here to help you get started. Book a free demo with our experts to explore how we can support your vision and set you up for success. Discover tailored solutions and personalized strategies that will give you a head start. Don't wait—reach out today and let's turn your dreams into reality!

urBIZassist believes in the power of "know-how" to transform lives and positively impact the world around us.

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