Your Business Idea, Whether It Will Work Or Not
Everyone has some kind of business idea. But not everyone can use all the ideas in the end. In most cases, the idea remains largely flawed. Therefore, it is necessary to verify the idea with the scope and potential of the business.
If the following signs are evident in your idea, you can assume that your idea can be effective.
1. If any problem can be solved
If the product or service doesn't make people's lives easier, you won't get enough buyers or customers. Think about this first. This solution does not necessarily have to be a solution to something completely new.
Let's take Uber. Even before Uber, there were vehicles like taxi cabs, rent-a-cars or CNG. But Uber's business model was the innovative idea of creating a driver-passenger connection. Today, Uber is a multi-billion dollar company since its inception in 2008.
2. If business improvement can be measured
Like all other countries of the world, a large part of businessmen in Bangladesh are small entrepreneurs. The number of entrepreneurs is increasing day by day. So the competition in the market is also increasing. You must have a clear account of the future of the business to properly answer the question whether your business idea can survive in the competitive market.
This also includes what changes you need to make to the business over time. Facebook was created in 2004 for Harvard students. Then in 2006 Facebook changed for everyone to use. 6 years later, the practice of advertising on Facebook was introduced. As a result of making the right decisions over time, Facebook is now a $500 billion company.
3. If the price doesn't go beyond the buyer's reach and you have enough profit too
No matter how easy the problem is to solve, if the price of your company's product is out of reach, not everyone will buy it. James Dyson, the owner of the British company Dyson Limited, is considered a successful businessman. In 2000, his company launched a washing machine. At that time, there were no such advanced technology washing machines in the market. But in keeping with the cost of production, the market price of the machine has gone up a lot.
By 2005, the company faced huge losses and they stopped manufacturing this washing machine. James Dyson later said in an interview, “As a washing machine it was a great success. But from a business perspective, it fails."
4. No one can copy your idea at will
Bringing something new to the market is undoubtedly a difficult task. However, it is quite difficult to keep your own method, product or service under your own name. There are numerous companies who are constantly making counterfeits of popular products.
To avoid this trouble, you can copyright or patent the product. However, filing a copyright lawsuit against someone at the beginning of the business is very costly. The simple solution is to try to differentiate your product from the others with quality products or services. Also doing business in different parts of the country. This will reduce the chances of those who want to copy your business in the first place.
5. If you are confident with the plan
If you are in doubt about the current idea, think of something else. Sometimes ideas come from others. You may not be ready to act on those thoughts. So think of something that you really want to do or something that you are passionate about. Don't pressure yourself into something you never want to do.