Many people desire the independence and profit of running an online business. In doing this, they soon come up with amazing ideas that could be executed to achieve their goals. Indeed, some ideas are worth pursuing, but others are pure fantasy and waste of time.
Therefore it becomes appropriate knowing if your business idea is worth pursuing or not. There are questions you can answer after generating that “superb” and “exciting” idea to determine if your online business is worth pursuing or not. The answers will help you pursue you execute that idea and run a successful business online.
Questions to help you decide if your business idea is worth pursuing?
1- Is that idea executable? Some ideas are brilliant but considering the economic, physical, financial and mental realities on ground, they are not executable. There are things to consider when it comes to whether an idea can be executed to fruition. You must consider the time commitment, financing needs, up-front costs, market size, skill level, and level of competition, etc. These and other considerations can affect the realization or execution of a business. So, ensure that the idea you are projecting can be executed with ease.
2 – How will this idea impact your lifestyle? New entrepreneurs are often excited about the idea of having to independently of make money online without the much control and supervision of superiors associated with 9-5 jobs. In other words, at the onset, the passion of making money online is often high but will decline when the reality of the stress, sacrifice, hard work, sleepless nights, meeting of project deadlines, etc. sets in. You must pursue an idea that will make you happy and not an idea that will cage you in. Some ideas will put strain on your health, family, time, strength and resources, hence such ideas must be avoided.
3 – What is the perception positioning of your idea? The perception of a brand affects its acceptance. You must ensure you understand what people feels about a particular business concept. You should study top players in the industry to get idea and identify what the society wants and what it avoids. This should be applicable in terms of design, color, logo, etc. Your idea should align with the religious norms, cultural values, psychological and general perceptions of the target audience. Without taking cognize of this your idea may not see the light of the day.
4 – Can you make your idea standout from the crowd? Most business ideas that become successful are unique and remarkable. You must be unique and stand out if your idea must succeed as well. You must give potential buyers reason(s) to ignore the competition and chose you. Your idea should be tested to determine what people are thinking, why they love it and what makes it attractive. If your brand idea is the generally acceptable then it won’t be difficult to break through the competition. So, ensure you can make your idea stand out by being remarkable as described in the Purple Cow book of Seth Godin.
5 – Is the idea popularly advertised by your competition? If the business idea you want to pursue is not sellable then there is no point trying to make money from it. One of the ways to know is by checking out if competitors are advertising the brand ideas as well. You should research on the competition to know how they are gaining success advertising the idea they have come up with. Any idea that is not generating leads and conversion through advertisement is not worth pursuing.
The above questions can help you determine if your online business idea is worth pursuing or not. Although there are other questions to consider but the above five questions can start you up to know if you can succeed with that idea or not.
Do you have an online business idea? Is that idea worth pursuing or not?