You have an idea for a business which is great! Or is it? A business idea is only good if people want to actually buy your product. So how do you know if your idea is a winner people actually want? Here are 4 questions to ask yourself to see if your idea is a winner or a flop.

By providing value to your potential customers, you have a winning idea. So you need to figure out how much value you are providing. 

1. Does your idea solve a problem?

The best way to know your idea is a keeper is knowing that your idea solves a problem. This problem doesn’t have to be a big, world-changing problem like world hunger (although if it is, kudos), but a common one a lot of people have. If you can figure out a way to solve a common pain point for a lot of people. The best way to do that is to look at the problems in your own life and see if you can solve it. As a Creative, you solve problems every day so figure out a problem you have in your own life and see if other people have that same problem. 

2. Does your idea make people’s lives easier?

If your idea doesn’t solve a problem, does it still make people’s lives easier? Your idea can speed up a process or make something more efficient. If you can make people’s lives easier, chances are people are going to want your idea for themselves. One of the best ways to make money off your creativity is to help people, so even if it doesn’t solve a problem, as long as it makes their lives easier by fixing an inconvenience, you most likely have a winning idea.

3. Does your idea capitalize on emerging technology?

Technology is always evolving and at a rapid pace. It has never been easier to utilize technology to help you solve the first two questions. By utilizing new and emerging technologies to solve a problem or fix an inconvenience, you are not only helping people improve their lives, but you are also getting into an emerging market where there will be less competition, giving you and your idea an edge to become more successful.

4. Is your idea needed?

So you have an idea that solves a problem or makes people’s lives easier. But does it though? Do a lot of people have that problem you are trying to fix? There are over 7 billion people in the world, and if you solve a problem that only 30 people have, you’re not going to be successful. If your idea solves such a minor inconvenience, you might get a few people on board  but if it is too much of a novelty, your idea will be hard to get off the ground.

Testing the idea

So how do you know your idea is needed? Yes, it might solve a problem or make people’s lives easier using new technology but how do you know if people actually want to use your idea? Here are just a few ways you can validate your idea. This step in the Creative Business Model Canvas is called customer validation.

Test the idea by networking and asking

Find people in your target market and network with them. Get to know your customer base by being involved in their community. Go to their conventions, visit their online forums, or Facebook groups and really listen to what they are saying. If you can identify a problem a lot of them are having and your idea fixes it, start a conversation and ask if they would like your product/service. See if there is anything you didn’t think about so you can improve your product/service idea to really help people. Don’t chase the money, chase the solution and the money will just be a bonus.

Conduct surveys

If you have already established yourself in the community you are trying to reach, put some surveys out there. There are tools like Survey Monkey or Google even where you can create surveys to help you collect data. Push these out on your website or social media. Ask people to share them and if you can even offer a prize like a gift card or something to incentivize people to take the survey.

Also, don’t make the survey too long. Nobody wants to sit for 30 minutes answering 200 questions for a chance to win a $20 Amazon gift card.

Ask your target market would they use your product/service and what they would be willing to pay for it.

This is key to figuring out what your price point would be. So you’ve talked to people in your target market community and they all seem to love your idea. But how much would they pay you for it? You might think the idea is worth $1000 because it solves a problem, but most people actually would pay maybe $50 to solve that particular problem. Maybe your target market doesn’t have a lot of excess money in the first place so while they would love to get your product, they just can’t afford it so you are missing out on customers. You have to find the right balance so you can still make a living helping people to keep the business successful, but you don’t want to be so greedy no one will actually buy your idea. Finding the right price point is always a little trial and error, but you can speed up the process by asking people first. 

Takeaway

So there you have 4 questions to ask to see if you have a winning idea and 3 bonus tips to actually help you implement your questions. Good luck with your idea and go create your startup today by helping people and bringing them value!