Is it a business opportunity or just a good idea?
Though ideas and opportunities are often used interchangeably they are different. Opportunities are proven concepts with value, while ideas are not proven concepts. A good idea may not be a great opportunity. IGI Global estimates that only 6% of all ideas are commercially successful. Good ideas must be able to improve on a product already in existence or create something new. It is difficult to turn an idea into a business opportunity. I am sure you are aware of this. It requires patience, perseverance and a lot of hard work. It takes confidence in your abilities and a belief in what you are doing. Your target audience must be able and willing to listen to what you have to say. These are some ways to determine if your business idea is a viable business opportunity.
Does your idea solve a problem?
My Alahta hairbrush bag was born out of a necessity. It was not a “what money-making ideas can I come up with?” situation. This is a common situation. I needed a pouch to store my hairbrush and comb while I was traveling. I needed something to protect my interior from stray hairs and keep my hair accessories clean and organized. I perform better when I am organized. My product idea adds value and solves a problem.
Is there a market gap for your idea?
The product I was looking for couldn’t be made to fit a particular shape or size of hairbrush. It should, however, be flexible enough that it can accommodate all the hairbrushes and hair combs I own. After searching online and in stores for the product, I decided to make my own. I knew I wasn’t the only person who needed this product. It’s possible that some people in my target audience need this product, but they didn’t know it.
This product’s uniqueness, durability, and added colors and prints would make a great investment. To see if others would be interested, I conducted three surveys. Because I wanted to find people who are more honest than I was, I conducted the surveys alongside strangers. The prototype that I used to conduct the survey was a solid color. A few surveyors suggested that I print more colors and have more prints. I explained that I was planning to have prints and different colors, and that they had only seen a sample for research purposes. I was thrilled to find that they were willing to give advice. My idea was well received by both males and women. I decided to move forward and try to make my idea a business opportunity.
Is your idea worth the effort?
Customers are the lifeblood of any business. It is important to determine whether people are willing to pay for your product and if there is a demand. It’s important to establish how much people are willing to pay for your product.
Do your research on your competition
To determine if my product idea was missing in the market, I looked at the products of potential competitors. I wanted to ensure that my product was different and more valuable than the products of my competitors. It was a relief to discover that none of my competitors had a product comparable to mine. This gave me confidence and motivated me to start my business. I wanted to spread my product idea to as many people as possible.
I have had the privilege of sharing my story about why I created this product on my website and in person at beauty salons where I pitched my product. It’s made me prouder by the many times strangers have told me that my product is a great idea. This article isn’t the only way to determine if your idea is viable as a business opportunity. However, it is a good starting point. It is normal to worry that not enough people will be able to see your idea the same way you do.