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6 Creative Ways to Figure Out If You’ve Got a Good Business Idea

Businesses are constantly trying to identify new opportunities for success. Here are 6 creative ways you can figure out if your idea is a good one or not!

The “i have a business idea who do i speak to” is a question that many people ask themselves. There are 6 creative ways to figure out if you’ve got a good business idea.

This post is part of our “Business Startup Guide” – a collection of our articles that will help you get up and running quickly!

So you’ve got a fantastic business concept, right? This is the one that will put you on the map and alter everything. You’ll become a sought-after investor, or you could even purchase a vacation house in a bright, tropical location and revel in your newfound fame—all due to this game-changing business concept.

The problem is, how do you know it’s a decent concept in the first place? Keep in mind that there are a lot of individuals out there that want to be successful in business.

We spoke to successful small company owners about how they hedged their risks to get a better solution than “gut feeling,” and the responses were innovative and simple to execute.

Here are six methods for determining whether or not you have a good concept.

1. Consult with a group of coworkers, mentors, or advisers.

You probably have individuals in your life that you see as trustworthy colleagues or advisers, especially if you’ve previously dealt with them on business issues. Consider asking these individuals for honest input if you have a company concept you’d want to try out.

New Worker Magazine’s Melissa Mesku told us that her co-working space was a wonderful place to talk about company ideas. “I have daily access to people from all walks of life just by being there; running ideas past each other is a regular habit,” she adds. She’s successfully launched a web design studio and magazine since working in this collaborative atmosphere with a network of brilliant individuals from many disciplines.

What if you’re just starting out and have no contacts in the industry? There is a way where there is a will. “Mentors may be individuals in your industry, or even free mentors or business advisers via the SBA (or other agencies), but the importance of obtaining a professional perspective on your concept cannot be overstated,” says Blair Nastasti, CEO of Media Moguls PR.

These are individuals who have been in your shoes and know what you’re going through. Their guidance and recommendations may be the difference between continuing a failed project without realizing it or making crucial changes that lead to success.

2. Don’t forget about your family and friends.

Connect with your colleagues, but don’t overlook your personal circle. Develop a network of clever and intelligent personal contacts to enhance your life. Please get in touch!

“My circle of friends became my prototype testers and proof of concept testers for months,” Amy Olson, the creator of Kuhfs, a business that sells boot attachments, told us. I’d hand out prototypes to my pals after each re-design, and they’d wear them out and report back to me.” Olson was able to modify the design over time as a result of input from her friends, until it became exactly the product that suited their requirements, and she was able to expand into a larger market.

3. Outsource your market research to the crowds.

Two successful businesses from two different nations told us that forming focus groups by posting public advertisements on free websites was simple and effective. To test a company concept, everyone must do market research, and this technique is simple and cheap.

Nima Noori, the CEO of Toronto Vaporizer, put up test advertisements on Kijiji (Canada’s Craigslist). He advertised that he would perform local drop-offs for people who needed a quality product fast in his geographical region.

“I reasoned that this would be a simple and cost-effective method to gauge demand for these goods in my neighborhood. I had numerous enquiries the same day these test advertisements went up, and I hadn’t even bought goods yet! He adds, “This was the green signal.”

Peter Friis, the CEO of ESSIO, a spa-inspired shower head diffuser of essential oils, adopted a similar approach to test his concept. He advertised a focus group on Craigslist and offered to compensate individuals in cash or goods in exchange for their time, under the condition that they complete a user survey.

“We were blown away by the reaction and findings, which helped us verify our company concept. More than 100 individuals signed up, and more than half of those who finished the test requested to be compensated with product refills. That’s when we realized we needed to go to work,” he said.

4. Take it to the people.

You might want to knock on a few doors.

You might try knocking on a couple doors.

Grassroots campaigns typically relate to individuals physically going out into their communities to speak to people about a problem or a cause. It’s a technique that was often employed in the pre-internet age to collect a lot of data, from going door to door to putting up a booth at a block party.

For those establishing companies in established and close-knit communities, this old-school method is a wonderful option. If your company concept is for a storefront or restaurant in a particular location, going out on the streets and asking the people what they want and need is a fantastic approach to figure out what would work there. You’ll get to know your neighbors and ingratiate yourself with the neighborhood as a bonus.

“We were thinking of establishing a café in an older, up-and-coming area. With a list of questions in hand, I went door to door. I walked a few miles, met a lot of people, and got a much better sense of what the neighborhood wanted, needed, and what the long-term goal was by doing it face to face,” says Katy Kassian of Buffalo Gals Mercantile.

5. Play the role of guinea pig.

Some business concepts need the employment of a human guinea pig or a willing volunteer to test the product or provide the service. Who better to test your concept than yourself? This method isn’t for everyone, but if you can start small and test your concept on your own, you’ll save time and money compared to engaging partners or focus groups.

When it came to testing her business concept to help locate missing dogs, Annalisa Berns, a private investigator who specialized in pet search and rescue, told us that she just got in and began doing it. “I maintained my ‘day job’ and spent weekends and nights on missing pet situations. She remembers, “I financed and tested my company by volunteering and accepting contributions.” It became apparent that the service was in high demand and that the company concept was viable.

6. Run ad tests

This one may require a little investment, but we’ve heard the benefits are well worth it. According to Bryan Clayton of Green Pal, a landscaping company, running some fast and cheap test advertisements on Google Adwords or Facebook can answer the all-important question, “Does anyone care about this business idea?”

“They might create a Facebook ad and target it to the area they’re considering as well as who their target market is. Then, by analyzing the ad’s click through rate, one may quickly determine if there is any demand for their company idea,” Clayton explains. This may save an entrepreneur a lot of time by allowing them to avoid pursuing dead-end company ideas and instead focus on those that are generating interest.

These are six simple methods that entrepreneurs have successfully utilized to assess the viability of their company concepts. Why not take a leaf from their playbook and try one of them? Perhaps in this manner, your holiday house will be closer than you expect.

Have you ever put a business concept to the test? Did any of these techniques work for you, or did you come up with your own inventive idea? Let us know how it went!

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The “what makes a good business idea” is something that is difficult to figure out. It can be hard to know if you have a good idea for your business, but there are some creative ways that you can find out.

Frequently Asked Questions

How do I know if my business idea is good?

A: It is hard to say if your idea has potential or not. You can find more information on the internet about what other people think of your idea before you take it any further.

How do you know if a business idea is profitable?

A: There is no way to know if a business idea will be profitable until it has been fully developed and tested. However, there are some things that can help point in the right direction for your business idea. A good place to start looking would be doing market research on what other businesses do similar to yours, how they operate their business, and who their target customer base is.

How do you come up with a good business idea?

A: The best way to come up with a good business idea is by talking about your ideas, and getting feedback from people around you. This helps you become more constructive in finding the best solution.

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