How do you distinguish a viable business idea from a day dream or desire?
Always think about your potential clients or customers first
Is there a proven need for your product or service or must you create one.? Have you conducted a simple survey to find out what your potential clients really need?
What do your clients want? People tend to buy what they want not just what they need? Is there an existing demand for your offerings?
Have you worked out your Personal Survival Income and Ideal Income to calculate if the demand for your service or product will meet your financial needs, make a profit and not just break even?
'Founded in 1995, easyJet's early marketing strategy was based on "making flying as affordable as a pair of jeans" '- Wikipedia. There was a high demand for a 'no frills', cheap travel option where you are not given so called 'complimentary' extras like snacks. Due to high demand, easyJet is a financially successful company with net profits of £427 million in 2016.
What differentiates you from your competitors and why should your customers care about what you do?
What problem do you solve for your customers? Are they easy to market to?
Is your idea scalable or will you always have to do all the work because you won't be able to afford help?
Is the time right for your idea, has it passed or is it too advanced for your particular niche?
How will you keep innovating to maintain interest in what you offer?
Ensure that you are not the only one in love with your own idea and make sure it is commercially viable. Test your idea before investing heaps of money using a tool like the Lean Business Model Canvas below:
There are great tips to be learned not only from successful companies like easyJet but from start-up failures as well. The article linked below is too long to add in here but makes interesting further reading
Blog Inspired by NESTA Creative Enterprise Toolkit