We’ve all had those moments when we see an amazing business idea and wish we thought of it first. Don’t be too hard on yourself. It’s not always easy to determine if an idea is the start of a great business. Sometimes it’s just how we are wired. Only a small percentage of Americans own their own business and are running them successfully. That’s because not everyone has the ambition to carry out their vision to completion.
So when a good idea comes your way, how would you know it would make a great business?
It’s what you’re interested in.
Too often business owners pick a genre they aren’t even interested in. That’s the biggest problem. If you’re not interested in something, how will your business thrive? Your passion is your drive. Make a business out of that passion. The best quote comes from Confucious, “Choose a job you love, and you will never have to work a day in your life.”
It solves your current issues.
Many times, businesses are birthed from issues experienced at their current job. Perhaps it’s a software that will allow you to make your job easier, and enhances productivity. No one is more qualified to market a product than someone who has lived the problem and solved it.
It caters to a specific audience.
The best way to keep your business going is having a consistent customer base. If your idea can lock in a loyal following, it’s a great business idea!
It’s not that common.
Don’t go with what’s already been done. And definitely don’t jump on a trend. Trends come and go. Your idea has to stand the test of time and any “trend” that comes your way. The best ideas can adapt to pop culture and survive no matter how many changes arise.
A great business idea peeks everyone’s interest. The product you offer is worth your customer’s while and will make their lives easier or fun. And the more of a niche your business is, the better your chances of your company thriving. Lastly, be original. These are the keys to having a great business idea!