7 Questions to Ask Yourself When Testing Your Business Idea

Have a business idea? Great, now test it.

Not every idea is a good business opportunity… and that’s okay.

Before you build a brand, invest in development, or go to market, take a moment to pressure-test your idea with these 7 essential questions.

Is your idea...

1. Solving a problem?

The foundation of starting a new business is based on a problem and a solution. By providing a solution to a problem, you not only meet a customer's need but also give your offer value and meaning.

2. Offering a better solution than the competition?

Knowing your competition is the best way to differentiate your offering. To be successful, your business idea doesn’t need to be unique, but it must be better than your competitors. You need to ask yourself why customers will choose your solution over the others available in the market.

3. Scalable?

When launching a business, the objective is to be sustainable and prosperous in the future. It is important to think about your business’s potential for growth and adaptation to a larger market.

4. Offering a price tag that works?

Finding the right price is an important factor in achieving business success. You need to find the perfect balance between how much customers are willing to pay for your offering and how much you need to sell your offering to make a profit.

5. Addressed to a specific target audience?

There is no business without a target audience. The target audience is the group of people you are addressing your solution to.

6. Validated by the target audience?

The best way to know if there is a market opportunity for your business idea is to ask your potential customers. On top of proving that your idea has real potential, doing some market research allows you to get to know your audience and be able to adapt your idea and tailor your offer to their needs.

7. A result of your passion?

Starting a business is an extremely challenging journey with ups and downs. Being passionate about your business idea is crucial if you want to succeed - it will drive your motivation and help you to move forward even during difficult situations.

From understanding your audience to pricing and scalability, this is the foundation of smart, strategic decision-making.

Save our infographic. Share it. And ask yourself the tough questions - before your customers do.