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10 Ways to Evaluate a New Business Idea

Every business project starts with an idea. the idea might be simple or complex.you may want to open a shop that features gifts or create a company that manufactures a specific good.Either way, your success depends on the strength of your idea, how well it fits your nature how well you can plan for success, and what resources you can use. You need to consider this list of 10 questions about your business idea Before taking your first steps:

1.Is This Something I Really Want to Do?
Take a moment to think more about what it will cost  to make a business based on your idea and what running that business will be like. Is your heart in it? Is it exactly what you really want and care about? if the answer is "yes" continue reading and if it is "NO" you need to brainstorm again.

2.Is This Something I’m Capable of Doing?
It is not all about  inspiration. you should ask yourself if you are able to do it or not. Do you have the resources, connections, skills, and experience to turn your idea into the successful business?

3.Does It Tap My Personal Strengths?
no matter what your business is about,Your strengths and weaknesses will go to work with you every day, so consider whether your idea sets well with your personal qualities or whether it needs talents in areas where you’re weak.

4.Can I Describe It in 25 Words or Less?
 it is a rule that you can describe almost every great business idea in 25 words or less. so if you cannot describe your business in this amount of word things will be complicated!

5.What’s the Closest Thing to It in the Marketplace?
think about similar products or services that already exist in the marketplace, and then ask a strong question: How is my idea better?

6.Does It Meet a Need or Solve a Customer Problem?
If your business idea doesn’t address a real problem,need, or desire, getting it off the ground will be doubly difficult, because
instead of presenting your product as the best solution to existing needs, you have to create the sense of need and then present your product as the solution.

7.Does It Take Advantage of a New Opportunity?
business success depends entirely on having the right idea in the right place at the right time.you should think of the specific opportunities that would help your new ideas grow.

8.What’s the Biggest disadvantage or Limitation?
 you have to admit that  admit that even the greatest business ideas have flaws and limitations. By thinking long and hard about the potential disadvantages of your idea, you put your business opportunity in perspective

9.Will It Make Money — and How Fast?
take time and ask this questions and made a forecast based on the answers. 

  • How long will it take before your business idea will generate profits?
  • How long can you afford to wait?
  •  After the sales start rolling in, can you sustain profitability over time?

10.Am I Willing to Remortgage My House?
 Even if you’re planning on persuading outside investors to take on some of the risks for you, you need that kind of personal belief as you make the pitch. And if you decide to take a bank loan instead, you have to sign on the dotted line to pledge to repay the money, absolutely, positively.

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