Is this a business opportunity, or just a good idea.
While ideas and opportunities can be used interchangeably, these concepts are not the same. Ideas are concepts that aren’t proven to work, but opportunities are concepts that are. An opportunity is not always a good idea. IGI Global says that less than 6% of ideas make it to market. A great idea must improve a product on the market or be new. The process of turning an idea into a potential opportunity is hard. Trust me, it’s not easy. It requires patience, perseverance, perseverance, resources and diligence, as well as a lot more time. It requires confidence and belief in your work. It is important to communicate to your target audience why your idea is valuable. Here are some ways that you can determine if a business idea could become a business opportunity.
Does your idea solve a problem?
My Alahta Alahta Hairbrush Pouch was born out a need. It wasn’t an “how money-making can I make it?” type of situation. It was a situation that I could actually live with. I needed a case or pouch that I could keep my hairbrush and comb in, while still keeping it safe in my bag or my travel luggage. I wanted something that would keep the interior clean, protect from stray hairs, and organize my hair accessories. I work better when I’m organized. My product idea adds to value, solves problems and meets a need.
Is there an opportunity in the market for your idea or product?
I could not find a product that would fit my specific hairbrush or comb shape. I needed something that was flexible enough to work with all of the hairbrushes/combs I had. When I couldn’t find the product I was looking for online or in stores, I had an idea. I saw this as an opportunity to create my own. I realized that this product was not needed by everyone. I am certain that my target audience needed the product, but they weren’t aware of it.
Customers would love the uniqueness and durability of this product. To find out if anyone else was interested in the idea, I completed three surveys. Because I wanted honest people, I did the surveys with strangers. The prototype I used was a solid-red color. A few of my surveyors suggested that I should use more colors and prints. I explained that I intended to have prints and colors in different combinations and that the sample I saw was only for survey purposes. It was a great feeling to have them offer their advice. It was unanimous that both males as well as females liked my idea, so I took the next step to try and make my idea a reality. There was a market for this product.
Are people willing to pay for your idea or not?
Without customers, there’s no business opportunity. Find out if anyone would pay for your product idea, and then determine if it is in demand. You should also determine the price people will pay for your product.
Check out your competitors
To find if there was a market for my product, I searched for possible competitors and looked at their products. I wanted to ensure my product was more valuable than those of my competitors. I was happy to see that there wasn’t a competitor product. This helped me gain confidence. I was eager to get started as I wanted to share the product with as many potential customers and prospects as possible.
I had the pleasure to share my story of how I created this product. Not only online, but in person as I went to beauty salons to present my product. I am proud to have been told by strangers my product was a good idea. While this article is not the ultimate guide to determining whether your idea can be a business opportunity, it will give you a solid starting point. It’s normal for you to be worried that not enough people will see the same value in your idea.