Is my idea any good?

Actualizado: 26 de ago de 2019

Nowadays we are living in the golden age of entrepreneurship. Even the most modest start-up today has access to easy-to-use affordable platforms that can help them showcase their brand, engage with their potential customers and even get access to funding thanks to platforms such as Kickstarter or Indiegogo.

However; building a nice website and social media channels or even getting enough funding for you to start the business will only get you so far. Business need longevity, otherwise you will end up spending more time, effort and money that you anticipated and getting little to no results.

How can you be sure your idea has potential to succeed?

Well, yes, of course - "sure" is a very strong word. Nobody can predict the future, but we can quite accurately estimate wether a business model has enough target audience to be profitable, as can we make sure that our branding and marketing efforts are properly directed towards that niche.

We have put together an entrepreneurship-for-dummies 1st step flowchart to help you do a quick check up of wether or not your idea is on point :

Let´s get into some of the key questions of this Flowchart :

Do you already know what you want to sell?

This is the logical first step. In most cases, if you are considering starting your own business it will be because you already have an idea or a skill that you think it´s marketable and would like to take your chances in taking into the world. However, nowadays we see an increasing number of people who first decide they want to start an entrepreneurial venture and then seek advice on what to develop.

If this is your case, it is highly advisable that you consult with an expert or mentor that you trust. We all have skills, passions and life experiences that can be poured into a business to help it succeed, a good mentor can help you channel yours into the proper business model.

Learn more about our mentorship program.

Is there a need for your product?

Passion is one of the main success drivers when it comes to new companies. However, when we are very passionate about our on projects, we can get blindsided and fail to realise that the product is not marketable. We need to try to leave emotions aside when decided wether or not to invest on an idea, and think not about what we want to do and say; but about what does the customer want to hear and buy.

Try this mental exercise : if the product you are trying to commercialise existed in the market already, how many people of your circle (friends, family, coworkers) would be buying this. If you can´t think of at least 10 people that would happily pay some money to have this product/service on their lives, maybe you need to rethink it a little bit.

Is your product 10% better than the available versions?

If you are planning on launching a product or service with an already existing -and stablished- competition it is important that you ask yourself how is your product going to be better. And you need to try to do this analysis from a purely rational point of view, trying to thing about your target market´s needs and not only your personal point of view.

A product can be "better" in many different ways. Is it more functional? More specific for a certain situation? Are you going to give a better pricing? A better customer service? Is your product more environmentally friendly?.

Find the reason why the customer will choose your product instead of your competitors´. If you can´t think of one, go back to the drawing board.

Do you have the resources to make it happen?

This is another key point many passionate entrepreneurs often overlook. It is key that you make a plan of every step necessary to set up, roll out and maintain the business and wether you have all resources necessary. One of the main mistakes we tend to do (even more so with creative profiles such as artists or designers) is to try to be a one-man-band, considering that doing everything yourself means you are doing it for free.

You need to consider your man-hours as another one of your company resources, and a very precious one.

Make the habit of calculating the time it will take you to do something by yourself (including the time it will take you to learn, if it is the first time) and multiply it by an hourly rate you consider fair. Would this be more than an expert in this field would charge to have the same thing done? Then, it´s probably better to delegate.

Let´s get to work!
Wether you are sure or not about your product-to-be, the road ahead of you or the different strategies you are going to follow, there is always one first step.

And if you think you might need a little bit of help, Contact us! We are specialised in branding and strategic consultancy, and we can help you find the direction you are looking for and support you in the different steps of the way.

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