Checking new business idea
Before implementing new ideas into business it needs to check at list against some sort of questions. Questions to consider is, to answer yourself if you can logically explain functionality of your idea to other people who have knowledge in business. Your idea maybe good idea for you, but when you trying to explain to others they can spot some not-logically connected functions. The other point it to look at similar markets to your idea. How they served. How people buy there and communicated. Can you define what exactly niche will be for your product? Many business answer that they will be sell for everyone, but issue is here, if you want to sell for everyone, then invest hugely in business design and latest technologies. If you concentrate on the particular niche, that way you save a lot of money and you do not need to much investment to serve the customer. How big and competitive segment of the market where you will be trading. Need to understand that, because if market has big players or monopolies, then you need more time to get known across the customers. Another point to note it is to answer the question, what benefits customer getting buying from your competitor and what benefits they will be getting from you. On your answer depends the outcome. If for example the answer will be : “Same”. Then customer wont see any difference and stay with your competitor.