Most of us want to quick-start the business plan without emphasizing on its originality, profitability, or future success. But, is it worth to put money and efforts on a business plan you’re not so sure about. Accept it or not, every entrepreneur wants his proposed business idea to be turned into a viable business. And to make it happen, he probably adopts advanced technologies like cloud computing or management applications like trello. In case you’re in doubt with your proposed idea, then it’s better to ask these five questions to yourself before getting ahead with it.
- Do your business idea has a market?
Many entrepreneurs want to sell products or provide services to their customers but are not sure whether a particular customer wants to buy the same. Well, the very first rule of the business is that you must have a profound market who is willing to buy your product or services.
Always start with a little testing – try to sell your products on eBay or Amazon to know its worth. Focus on what customers want instead of, what you want to sell. Take feedback from there and do proper market research. It is important for you to build your own market if you don’t find one.
- What’s the profit potential of your business plan?
You should talk about the profit you’ll have in this business. It is possible that you have a flaming passion for anything, but is it capable enough to make any money, or at least enough money. You should examine thoroughly whether your business idea carries any profit in it, or not.
Your business idea will also sink if the production is a time-consuming process. For an example- if you want to start a knitting business, and a single knitted product takes around a month to get complete. Then, it is not going to earn you any profit even as a part-time business.
- Is the market saturated?
It may be possible that you have a reliable market to sell your product, and it generates great profit as well to the existing businesses. But, will it work in the same way for you? Most of the times it is essential to think about the longevity of the business, especially when there’s quite a good number of businesses already filling up space.
Study the competition carefully and learn the potential side of your market before starting with your business idea.
- What are the possible obstacles and are they surmountable?
Your business idea has a great market to cover that currently deals with no competition at all and is potentially very profitable. But, what about the unplanned obstacles that make everything complex and a big mess. From municipal to federal laws, you as a starter needs to account everything. There are problems which can be solved if you have contact with the right people, but others affect your business plan brutally.
So, it is your choice to think for a more successful business plan or just do some math in the same and make it worthy.
- Do I have what I need to see this through?
In the end, always ask yourself – Do I have all the things that will lead me to success? According to a survey, around 60% of the SMBs and entrepreneurs face challenges including physical space, cash flow and any kind of personal commitment while trying to set up their business.
Whatever it is, you need to check it before moving ahead with a specific plan. Always be ready to deal with the unplanned crisis as business problems will be there to test your endurance (all the time).
If you have envisioned all these five questions and got satisfactory answers in a row, then what are you waiting for? It’s the right time to start working on your business idea and make it a big success.