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Before you go ahead with your business idea, you have to know without a shadow of a doubt that the idea you have is viable. Telling the difference between a viable idea and one that will inevitably fail should be an easy task if you follow these few steps.
1Ask yourself if there is demand for what you are selling. If you were a customer, would you want to buy your products or services? The majority of successful businesses thrive because they solve a problem for their consumers. Does your business fit into a gap in the market or are you just hoping you can compete?
"The majority of successful businesses thrive because they solve a problem for their consumers."
2If your idea is not original, you will be competing against others. This means that you need to know what your competition is offering customers and if possible, what kind of money they are putting into and getting out of their business, so you can have realistic views of what to expect. It will also give you a good grasp on what you can offer your customers that stands out from the rest.
3If some of your products or services are unique, you need to analyse their viability individually. Do your own market research on each product to find out what potential customers think; is it an interesting product? Would you buy it? How much would you spend? All of this information comes in handy as your business progresses through its initial stages.
4Lastly, is your idea good enough for the long term? Perhaps you just want to sell a few products for a limited period of time because of an existing trend, but if you want a long lasting business it has to be able to grow. Your initial business idea must be able to pave the way for new ideas down the road.
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