Top 10 ways to find out if your business idea is good

May 8, 2019

10 ways to find out if your business idea is any good:

1. Firstly, go with your gut. Don’t let people put you off in the first instance. Be excited!
2. Write down the WHAT (is it), WHO (is it for), WHERE (will it sell i.e market), HOW (will it work in practice), WHEN (should you launch it, is it the right time for your product/service), HOW MUCH (pricing) and most importantly WHY (should you go with it).
3. Talk to 10 family members, 10 friends and 10 strangers about your idea and see what they think. 
4. Write down a business plan for your idea, using the points in 2. (Above). .
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5. Show your business plan to a professional. If you have a family friend such as an accountant, business advisor, mentor etc, go to them, see what they like/ dislike about your idea. 
6. Make an appointment with a bank manager or one of these new funding websites and go to them with your fully written plan, as if you wanted a loan. If they give you a loan or are receptive to your idea, that is a really good sign.
7. Make a prototype and test it out. If it is a service, tell people about what they will get and get their opinions. Maybe offer a trial. 
8. Seek people who hate your idea and ask them why. See if they can help you better it or make you see that it is a lost cause. 
9. Never do anything on emotion. Always be logical about your idea. 
10. Assess how passionate people are about your idea. The universe is connected, people can help you gauge how viable your idea is. .
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Ultimately, should you go ahead with your idea? It is up to you and your instinct. Don’t let people like parents (who are usually cautious) put you off but DO let public opinion give you feedback. 
The best of luck.
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