Whether you’ve spent years or minutes brainstorming, you have more than likely come up with a business idea at some point. The difficulty is knowing whether this idea is sustainable enough to get off the ground.
A lot of plans are great in theory but when you start to think about the logistics, it only takes a few moments to notice the flaws. So the next time you have a new and exciting business idea, think about the sustainability, how cost effective it will be and whether the idea is achievable.
One of the most important things you need to ask yourself is ‘are you solving a problem?’ If your idea is addressing a problem, it is automatically more likely to be a success is you make it a reality.
The more widespread the problem you’re solving is, the more successful you’re likely to be. Make sure you do some market research. If your idea isn’t quite hitting the boxes, work around your research.
You also need to think about whether people will pay. Your idea may have passed the first test but if no one is willing to pay for your idea, it doesn’t matter if it solves a problem.
Try to put yourself in the consumer’s position, would you pay for the service you are offering? If the answer is no, don’t give up, the answer may be to re-work the product/ service or to readjust the price.
You also need to consider the long term. Don’t just consider whether you will make money, think about room to grow. Can your idea evolve and change with new markets?
When you do your market research, make sure you check to see if someone else has beaten you to this. If someone else has already taken this idea to market, bringing your own version may not be sustainable.