Determining Whether Your New Business Idea Can Bloom

bloom photoDuring the early days of any new business, there is always some level of uncertainty about whether your new business idea is one that can succeed and thrive. This is particularly true if you’re newly unemployed and your idea is your chance to start over. After all, roughly 95% of all startups fail in Australia, and so you need to make sure you dot your i’s and cross your t’s. Here are a few ways that you can help determine whether or not your business has the potential to succeed.

Make Sure You’re Solving A Problem 

The new business ideas with the best chance of succeeding will solve a problem. Think of all the startups based around smartphone apps that solve a problem or streamline an activity in some way to make it easier or more convenient for users. There needs to be a clear problem and your business needs to offer a clear and simple solution; otherwise, it may be tough to gain traction, regardless of the market.

Create A Preview of Your New Business Idea

Try building what is called a minimum viable product, which is essentially a prototype of a prototype. Before you invest in building an actual prototype, you’ll want some version of the product that you can test out to see if it’s an item that will work as you expect and can be sold on the market. Many startup business owners are eager to get things going in order to bring some profits in. Naturally, you need income in order to survive; you may have been out of work for a while or spent a long time in the preparation stages of your startup project. However, regardless of how desperate you are to put your product on the market and get your business off the ground, you have to make sure you have a product that’s worth the investment.

Speak with Potential Customers 

Performing market research is an important step in determining whether your business idea has a chance to be viable. Most of your research should revolve around focus groups, surveys, and other ways of speaking with potential customers. Find people who fit your target audience and ask them if it’s something that would solve a problem for them and if they would pay for it. This kind of feedback can be invaluable so you can make changes to your product before you start churning them out to be sold on the market.

Is Your Idea Adaptable?

You can’t be married to one vision of your idea. Businesses in every industry have to change and adapt over time, and your business has to be able to do so as well. There will always be changes in technology, supply and demand, and consumer behavior. If your idea is something that can adapt over time to these types of changes, you’ll be in good shape.

Are You Passionate Enough About Your New Business Idea?

passionate photoHaving an idea is one thing, but to make it successful you have to eat, breathe, and sleep your business. Even if you have a good business idea, you need the passion to nurture it and the drive to make it work no matter what. Are you obsessed with your idea and willing to do whatever it takes to make it work? If so, there’s a good chance you’re on the right path. 

Author Details
Author Details
Jenny Holt  is a freelance writer and mother of two. She loves nothing more than getting away from it all and taking her pet Labrador Bruce for long walks, something she can do a lot more now she’s left the corporate world behind.
  • Image of woman teaching interpersonal skills to colleague.
    Crucial Interpersonal Skills for Managers

    Interpersonal skills comprise a wide range of capabilities that allow us to effectively communicate, cooperate, and work alongside others. Research has shown that many employers continue to leave interesting positions open because they feel that the applicants they meet do not display the communication and interpersonal skills required.

  • Image of laptop computer showing that you can make a business website accessible to all.
    Top 5 Benefits of Making Your Business Website Accessible to Everyone

    Imagine not being able to move a mouse, watch your favorite movie, or even focus on reading an article online. This is a glimpse of what web users with disabilities face every day. In today’s digital age, having a great web design is a must-have. According to Web AIM, 20% of the population lives with a disability. Yet, many websites are not accessible to those who need them the most. This eliminates millions of people from gaining access to the information they need. Studies from the CDC claim that one in five Americans have trouble hearing. Reports also show almost one in ten adults have difficulty with vision. That is almost 20% of the total market. By making websites and applications accessible to all users, this will increase the number of users, traffic, and customers to your site. Additionally, it will also provide financial benefits in the long term. Here are the top 5 benefits of making your business website accessible to everyone.

  • Image of woman's hands typing a business blog on a keyboard.
    Does Your Business Really Need a Blog to Grow and Thrive?
  • Image of diverse people in business linking wrists
    Diversity in a Small Business Equals Success

    Diversity is a crucial part of any business, even the smallest of them out there, and according to numerous studies, it has proven to greatly benefit any type of business endeavour.

    Imagine a world in which everyone is the same; everyone shares the same skin complexion, the same hair style and colour, and even the same skills, abilities, and personality. What kind of a place would that be? Or even worse, can you imagine working in a place like that?

  • Image of man typing his business idea on keyboard.
    Determining Whether Your New Business Idea Can Bloom

    Determining Whether Your New Business Idea Can Bloom

    bloom photoDuring the early days of any new business, there is always some level of uncertainty about whether your business idea is one that can succeed and thrive. This is particularly true if you’re newly unemployed and your idea is your chance to start over. After all, roughly 95% of all startups fail in Australia, and so you need to make sure you dot your i’s and cross your t’s. Here are a few ways that you can help determine whether or not your business has the potential to succeed.

×
Jenny Holt  is a freelance writer and mother of two. She loves nothing more than getting away from it all and taking her pet Labrador Bruce for long walks, something she can do a lot more now she’s left the corporate world behind.


For your security and peace of mind, this entire site is protected by military-grade security encryption.
SSL Certificate
SSL Certificate