What makes a good business idea?
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By Suzy Jackson
There’s nothing better than dreaming about starting a business. Apart from starting it, perhaps. But not all great business ideas turn out to be viable business opportunities.
So how do you assess if a new business idea has what it takes to flourish? Unfortunately there’s no official ‘ideas for small business’ test. But asking if your small business idea stands up to the following questions is a good start.
1. Is there a market for my business idea?
Very thorough market research is an absolute must for new business ideas. If there’s not enough demand for your product, your business will never take off.
Plus, it is really important to understand your customer before trying to sell to them. Writing a customer persona can help visualise and focus on your clients.
Don’t forget, you are more likely to get your great business idea off the ground if it has a sound set of USPs - Unique Selling Points. This differentiates you from competitors and makes your product more desi...
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