Having a new business idea is exciting. At the moment you might not be thinking very clear due to the excitement. Here are 8 consideration that will help you make a wiser decision.
Pamela Slim in her book, Escape from Cubicle Nation shares 8 points that will help you determine if your business idea has a chance. Ignore them at your risk.
1. You have a unique approach, skill, or capability that will allow you to serve this need better than anyone else.
2. You have the capacity, resources, and support for getting the business launched in a timely manner.
3. You have chosen an area in which you provide value beyond cheap production price.
4. Your target market not only is interested in what you have to offer, but has the money to pay for what you are selling.
5. You create a prototype and it generates buzz and interest.
6. You have a firm grasp of the financial metrics of your business.
7. If you require others to build your business, you have a network of smart and capable people who would like to work with you.
8. You welcome any and all feedback about your business idea, and use it to continually improve your product or service.
Use the above as a check and balance approach to your exciting business idea. Use it to determine if your idea is feasible or likely to become an expensive hobby.