How Do I Know If My Business Idea Will Be Successful?
If you’re reading this, it is possible that you want to start a new business.
You may have. In that case, you’re probably agonizing over your great business idea.
Although I don’t claim to be clairvoyant I do know what you go through.
It is not easy to be an entrepreneur. It is not possible to avoid the challenge of creating a brilliant idea and launching it. It all depends on the idea and its execution.
It’s not just about the idea. Poor execution can make a great idea fail.
The question remains, however: How can you tell if your business idea is going to work?
While I was working on my book, I developed a technique called “The Three Question Validation”. This technique lets you determine if the business will be heading for a breakthrough or breakdown.
Three-Question Validation Method
The method relies on three simple questions that will help you determine if your idea is likely to succeed. Many great tutorials exist for validating your ideas.
If you answer yes to all of the following questions, then your idea is a good one.
Start over.
Does My Space Have Competition?
Unoccupied markets have two main disadvantages.
If you are the first to come up with an idea, you could find yourself in a dangerous situation. Nothing has yet been tried and nothing is available for you to learn from. This doesn’t mean that you won’t be able to make it successful. But, you will need to put in more effort.
Choose something other people do. For example, check out job boards like Upwork to see what freelance skills are popular. Find out the skills of freelancers in your area to help you brainstorm.
Can you answer my second question?
This is a common sense thing, but you should still think about it. Even if others are doing the same job as you, you need to make sure they have enough customers or clients to pay you what you want.
By looking through the portfolios and client testimonials on your competitor’s websites, you can see what they have achieved.
You can call them, or even visit their offices to learn about their prices and schedules. Also, look at reviews on third-party websites like Yelp. It will help you to get a feel for their customer service and reputation.
You can ask yourself “Can I improve or change my original idea?” “
Now what?
Make yourself stand out.
USP stands for “Unique Selling Proposition”. It describes your unique selling proposition.
To attract customers, you must show that your product or service is superior to your competition. If you’re able to demonstrate your uniqueness, you will be able to attract perfect clients for your company. The ideal client is someone who comes back to you repeatedly and recommends you to others.
Use USP to stand out from the crowd
1. Lower (better) prices
If you’re just getting started and aren’t confident about your skills, it may be beneficial for you to provide a cheaper service.
Walmart’s USP is “always low prices”.
If you exceed their expectations, they will notice, and give you new work.
2. Convenience
Customers are used to receiving what they want instantly.
A few weeks ago, I bought a FitBit to track my sleeping habits. Amazon shipped the FitBit the same day. It was on my wrist by 7 pm the following evening. Make it simple for customers to use your product.
Micah is an example of a personal trainer who does not require his clients to come to him. His mobile gym is much easier than getting dressed up and fighting traffic to go to the gym. His clients were clamoring for his services and his prices were higher than those of his competitors.
3. Better quality/aesthetic
I have two Macbooks at home. A 27″ iMac computer. Two iPhones. And an Apple Watch.
I do not own Apple shares. Now you might think about it.
I am not a fan of Apple products either. But I like the way my gadgets look. Apple is a great company with beautiful, durable products.
It is human nature.
My Bestseller Rich20Something provides more details.
4. The spice of life is a variety
Did you see the Subway advertisement that claims you can create more than 1,000 sandwiches? As a former SAT instructor, I find this annoying because it’s just a multiplicity of toppings. It was a very successful campaign.
Clients expect instantaneous decisions. If you can offer them the greatest flexibility, they will be happy.
5. Guaranteed superior customer service
Most competitors will have customer service that is below average. It will be quick, but it won’t be urgent. They will only offer a refund or exchange policies to protect their business interests, and not the customers. This gives you a chance to offer superior service.
Your competitors may offer 30-day money-back guarantees, but you can give them 60, or even 180! They usually reply to clients within one day of business. You should answer all questions on the same day, in under four hours.
