No one likes to be wrong or miss the mark, especially when it’s something as important and personal as a business idea. But if your idea is faulty from the get go, no matter what you do or how hard you try, success will always be out of reach.
It’s a fine line between building a disruptive business and one that’s too far out there to really make it.
Other entrepreneurs and people you might seek advice from will probably tread carefully in judging your idea, mainly because they don’t want to be wrong. Amazon probably seemed too strange of an idea to succeed to many in the 90s, but look at it today. Rightfully so, people probably won’t jump at the shot to tell you your idea is horrible.
So at the end of the day, you must be your own voice of reason and decipher the viability of your business before you jump in head first.
To make it a little easier for you, we’ve listed four red flags that signal that you might want to push the breaks on your idea:
Unoriginal idea in a crowded market
If you enter a super competitive field you must offer something new and different to attract customers or you will become lost in the sea of competitors. Ideally, you wouldn’t enter a crowded market anyway, but if you must, be innovative. For example, makeup artists are a dime a dozen in most cities, but the ones that make it and become highly sought after, find ways to stay original with their techniques and offer services and quality clients can’t get anywhere else. Shoot for the stars with whatever you do!
You’re too slow to adapt
An idea has to be able to change and morph to survive in the long run. Knowing how to adapt means you must always be one step ahead of your competitors. If your business idea doesn’t lend itself to adaptation, you may find yourself falling behind in a short time. Customers will switch to newer and better offerings if you can’t keep up.
The idea doesn’t excite you
You might have something brilliant on paper, but it just doesn’t stir up any emotions in you. The success of a business very much depends on the enthusiasm of the person leading the company. If you’re lukewarm about your idea and are only doing it because it’s, well, a decent idea, you might find yourself jumping ship as soon as the going gets tough.
It’s a fad
When jumping on the bandwagon to capitalize on the latest hype, you need a lot of resources to make it worth your while in a short amount of time. These are not the type of businesses you build for the long term. Masks are currently a great example, while needed now, mostly likely in a short while there won’t be a market for them. So if you’re thinking about pouring your life savings into something that will pass in a year or two, analyze carefully to see if you’ll be a success story or just another entrepreneur attempting to make a quick buck.
Now that you know the red flags, here are a few things every GOOD business idea must possess:
Your idea DOES NOT have to be perfect in order for it to be a success. But it does have to follow some basic business principles.
If you have an idea you’ve been sitting on and are ready to bring it out into the world, we can help you vet, plan and execute! Click here to learn how!