By Debbie Gregory.
Starting any business takes a huge leap of faith. You’re jumping off of a cliff and hoping your parachute will open and lead you and your business to success. So how do you decide what’s really a great idea? Sure, you can rely on your gut instinct, but that isn’t the only good measure. Identifying the difference between a good business idea and a good business opportunity will serve you well on your entrepreneurial journey.
Recognizing that passion for your concept is important but will only get you so far. It is important to be both realistic and well informed as you approach the process. Successful business opportunities should fill an ongoing need. They provide a new or different product or service that also allows you to make a profit and grow your business. But just how will you translate your idea into a viable business?
Here are some key questions to ask yourself:
Why are you doing this? What’s your mission?
Your business needs a sense of purpose that sets it apart from the competition. If your business improves people’s lives in some way, that should drive your mission.
What problem are you solving?
You need to be solving some sort of real problem that exists for your customers. If not, how will you motivate people to buy your product or service?
Who is your customer?
Knowing who your ideal customer is and how you can find them is critical to starting a successful business.
How are your potential customers solving their problem today?
Identify the choices your potential customers currently have and how your solution is better.
What will potential customers be willing to pay for your solution? Do you think you can make money?
You want to make sure your idea can be profitable, and that your planning and hard work will result in success.
While there’s no definitive way to tell if a company will be successful, if you put forth a quality offering that solves a problem and reflects your passions, you’ve greatly increased your odds.
Veteran and Military Business Owners Association, VAMBOA.
