Tuesday, October 3, 2017

Post Title: The Signs that You Have a Great Business Idea

Starting a new business takes a lot of time, effort and money and you will need to take a real leap of faith in order to do so; roughly 8- percent of new businesses fold within one year, leaving their founders thousands, even hundreds of thousands of dollars down with nothing to show for it. That’s why, before you launch a new money-making venture, you should first determine whether you have a good idea. Here are a few things that should indicate you’re onto a real success:

There Aren’t Other People Doing It

This may seem like a rather obvious point, but if there isn’t already another company doing what you plan to do, then it could be that you’ve hit upon a gap in the market, which f you are able to fill it, could be quite lucrative.

However, before you start looking into business loans at www.Unsecuredfinanceaustralia.com.au/faq, right now, bear in mind that this could also be a sign that there is simply no demand for your idea. So, although this could indicate a possible success, it may only do so in conjunction with some of the other indicators in this post!

You’ve Found a New way of Doing Something

Of course, something else that could also indicate you have a great business idea on your hands is the fact that you’ve come up with a new improved way of doing something that already exists. Take a look at the product improvements at https://www.buzzfeed.com/alannaokun/improvements-to-everyday-products, to see how just a few simple changes can vastly improve a product. If you’re doing something on a similar track, you have an advantage because, not only do you know there’s a market for your product, but you know that you can offer something different, and better to that market.

Your Idea Solves a Problem

The mark of a great business idea is its ability to solve a problem. For example, the iPhone solved the problem of having to buy and carry multiple devices around by bringing together the best qualities of mp3 players, mobile phones, computers and even GPS systems, which is a very big part of why it is so successful. If you can create a product that solves a simple problem that people actually care about having solved, then you’re surely onto a winner.

It’s Popular on Kickstarter

A very recent, but very good way of determining whether you have a good business idea on your hands is to launch a campaign for it on Kickstarter or other crowdfunding platforms.If it gets a lot of interest and support, not only do you know you’ve hit on something with potential. But you may even be able to secure the funds you need without the much-dreaded meeting with your bank manager.

Launching your own business is a great way to make more money and improve your finances, but ONLY if you make a success of it, and that starts with a great idea. Remember that, and remember these indicators before you jump in feet first!

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