How can I tell if my business idea is viable?

How can I tell if my business idea is viable?
Anastasios Vasileiadis
by Anastasios Vasileiadis

There are some business ideas that are huge successes from the very start and some that fail at the first hurdle. So, how can you tell if the idea you have will work?

  • Firstly, you need to do extensive market research. There is no point in starting up a business and risking everything, then just crossing your fingers and hoping it works. There needs to be a market for your products and services and you need to know how that market will respond to what you have to offer.

  • Starting up a business is costly and you need to be prepared for how much you will need to put into it. You may need to find investors and in order to do that, you will have to produce cash flow estimations, figures for how well competitors do and a repeat custom forecast.

  • One unique idea is not usually enough to keep a business running. When you think of a good business idea, you must make sure that the idea has the potential to expand. Your customers will want to see new things from you consistently and if you fail in presenting them, you run the risk of customers getting bored and going elsewhere.

  • Do not worry about originality so much. It is almost guaranteed that someone somewhere is having the same idea as you. There are very few completely unique ideas and that is okay. What you need to do is make sure your idea is fresh and revitalised in some way or another so it is not exactly the same as someone else’s.

  • “There are very few completely unique ideas and that is okay.”

  • Are you willing to do what it takes? Your idea may be perfectly viable, but if you are not willing to put the work in for the long-term, there is no point in going ahead.