Researching Your Idea

Searching for ideas for a new business opportunity can be an overwhelming task. However new markets open up every day with individuals trying to build a better mousetrap. There is nothing better than having your own idea and setting forth as your own boss, but will anyone buy your product or use your service? That’s the million dollar question.

The first thing to do is evaluate your idea. Ask several potential customers in the related market what you’re thinking about. Don’t go into too much detail but give them an idea of what you are planning. Ask for their honest opinion. This will not be 100% fool proof or accurate but it will give you a good idea if your idea is worth pursuing without spending any upfront money. If at least two or three say they would purchase your product or use your service then it’s time to get on a search engine of your choice and search for your competitors.

What you want to do is find out the following:
Who is your competition?
How many competitors are there?
How much are they selling their product or service for?
Can you tell if they are making sales?
Can you sell your product for slightly less?

Then consider these additional factors:
How durable is your market?
Is your product or service truly unique, a niche or a fad?
Will you be able to generate a large customer base or a selective few?
Do you have the knowledge to develop your idea or will you need additional resources?

Researching your idea may take you a week or longer, but it will help you in evaluating your business idea and may save you from making mistakes along the way. Above all choose an idea that you are passionate about and love…sell what you know! - CT