The hard thing with this situation is recognizing which of the hundreds would be good for a business idea. It could be almost all of them or none of them at all. Where this is concerned, you need to be hard on yourself. Really evaluate the situation and product, giving yourself some pretty harsh criticism. That is the only way you can make sure that this product can potentially make it on the market.
Here are some questions to ask yourself to identify the right business idea for you.
Does Your Community Need It?
The key here is observance. Look around your environment, your community, and see what it could really use. Recognize what the demand is from your neighbors and peers. This can really help you develop an idea that can change your life, and the lives of the people around you, forever. For example, if you live in a run-down neighborhood with a need for a tool that can help reform the neighborhood in need, be the one to offer it. Be the one that can help the people you care about lead easier lives. Whatever the case may be, take a look around and decide what you could develop that will make a positive change.
Is It A Problem Solver?
A great way to tell if your idea will make it in the business world is deciding if it a problem solver or not. Why do people need your product? Why would it benefit them? Take into account everything that has caused you, or someone you may know, to struggle. Is there a way to fix it? The answer is most likely yes, there is a way to fix it. The problem is, though, it may have not been thought up yet, or if it has, the product may be an unreliable one. If this is the case for you, be the one to bring it to the public. If no one else will take advantage of the opportunity, you do it. It will be a smart business idea that will help others as you wished it could help you.
Is Your Price Point Out Of Reach?
When starting a business, it is very easy to want to make your product expensive. You may be aware that your small, new business will not bring in a ton of customers right off the bat, so you are tempted to spike prices. Do not do that. When determining if your product will work, you should figure out what the target market will pay for it. There may be a similar product out there for half of the price you are offering that will ultimately bring in more customers. Overall, make sure the price of your product matches the value of your product as well.
Are You Passionate About It?
Being passionate about your business is extremely important. When you are starting a business, you should make sure it is something you will ultimately enjoy the day in and day out. Why start a business, put all that work into it, that you do not love? Being passionate about the business field you are in will just make your days that much bearable. At the end of each stressful, crazy day, you will be able to sit back and think, "that was worth it". If you love your business idea, you will make much more in sales. Your customers will see the joy you have in your business and your commitment to it and come back time and time again.
Did You Test A Prototype?
A very straightforward way of identifying if your business idea will work is testing it. Make a dummy product that is almost exactly what you will be offering and see what you think. You may look at it and hate it. You may look at it and love it. If you think that the prototype is exactly what you envisioned, bring it to the public. See what they think of the outcome. This is a perfect way in determining the clientele you could potentially build, as well as the sales you would rake in.
Is There Any Constructive Criticism?
Being open to advice or criticism when developing a product is important. If you have been working on this idea for a long period of time, you may be too close to it. You may not be able to see those flaws in it and think it is perfect. The way to avoid this is to bring it to someone who you trust that can help. Let a fresh pair of eyes judge what is they like about your idea, and what it is they might not like. This is not to say you have to listen to them. It is your business idea, after all. In the same retrospect, criticism could also be what helps your business idea grow into one that could really work.
Is It Realistic?
A way to be sure your business has the potential to make it is to determine if you are being realistic about the whole situation. Ask yourself the tough questions. Is there a need for this? Is it good enough? Is there a potential for a career or is this just a pipe dream? Some of these answers may be hard to face, but they are necessary. If you do not set realistic expectations for your product, you can have a tough time making it become something great.
You may be an aspiring business owner with hundreds, even thousands, of ideas written down. At the time, you probably thought that these ideas could really work. The world would find a place for it in a market and customer will come flooding in. Somewhere down the line, though, you may have realized that it was not such a profitable, necessary product or service. The fact of the matter is that every idea you have will not be a showstopper, no matter how badly you want it to be. Somethings may work, some may not, some may make you a large sum of money while others you can lose money on. It really depends on what you are selling.