Is This a Good Idea?
Although some people may think that the hard part of business is coming up with new ideas, if you are like many other entrepreneurs you may find that you have more ideas than you can possibly implement. (Hey, I am the Idea Lady-I’ve got more ideas than I could use in my lifetime.)
When I start thinking, “You know, I could...” I stop myself and do a quick reality check. Many times these ideas look good because they are new and different, but they are not things that would be good for me or my business. It can be hard to say no to something that looks like it could be successful, but we don’t have unlimited resources (especially time) to spend on every idea we get.
So how do you decide which ideas for a new products, services or entire new businesses are right for you, and which ones should be quashed before they lead you away from the things you should be doing? Here are some questions to ask yourself.
How Passionate Are You about this Idea?
Any new idea takes some combination of time, effort and money to implement. And it may be a while before it pays off. Do you have the passion that will carry you through all you have to do before the idea becomes a success? Or it this just a shiny new thing that will not sustain your interest?
How Passionate Are Customers about the Problem?
Does your idea solve a problem for customers? What is the problem? How much pain does it cause them? Do they know they need your solution? Are they looking for answers? Do some keyword research to see if people are looking for an answer to the problem you solve. Survey customers or potential customers about their needs.
How Much Competition Is There?
What other solutions already exist? If there are competitors making money, that means that there is demand.
Do not make the mistake of assuming that if there is no competition the field is wide open for you. Look at the competition not just as people offering a solution that is similar to yours, but anyone who offers a solution to the problem your customers face. If you are a florist, your competition comes not just from other florists but from anyone who offers gifts that might be purchased instead of flowers. Those might include candy, jewelry, clothing and lingerie, entertainment, etc.
How Much Will it Cost?
Some ideas cost very little in time and money to implement, while others require a large commitment of both. Do you have the time and money needed? Can you test the idea on a small scale, then ramp it up if it works?
Does the Idea Fit Your Business and Your Life?
You may have a great idea that could be successful, but if it takes your focus away from your primary business it may not be a good idea for you. Does this idea fit in with what you already do? Or will it distract you from doing the things you need to do in the business that pays the bills? If you are using the idea to explore a new direction, can you launch this new endeavor while keeping your current business viable?
Only you can decide which ideas are right for you. Ask yourself these questions before jumping into something just because you have a case of the “shinies” and want to try something new and different.
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