Founder Fundamentals – Business Ideas

“Hmmm, that would be a great idea for a business…”

If you’ve ever said this to yourself, you are already thinking in the right way. There are loads of approaches you can take to forming business idea. There is no right or wrong was to form an idea, the only condition is – you need to be able to sell it.

Original business ideas are great, but you will need to prove that it is commercially viable before you start trading. An original idea isn’t the only way to start a business, many great businesses have come from copying a similar model in another area and identifying a gap for this in a different market.

What makes a good business idea

Fundamentally, a good business idea is a product or service that sells. When developing your idea, it is useful to do your research and test your assumptions. You need to find clear evidence that there is a demand for your product or service.

I don’t have an idea

If you are completely unsure what you should so, start by thinking about your skills, strengths and interests or hobbies. If you can tick these boxes, you are more likely to enjoy doing at and will be far more resilient when the going gets tough. Now try to commercialise this idea by thinking about who might buy it and how you might sell it.

Test the validity of your idea

Ask yourself:

– What problem will it solve, or what solution will it improve on?

– Do people need this product or service?

– Why will people purchase this product or service (instead of alternatives)?

– Will it generate enough revenue to cover my living expenses?

If you find it difficult to answer these questions, you may need to get back to the drawing board!