You have the million-dollar idea, you have a vision on how to do it, you have the funds to get started – or don’t you? If you’re excited to get started on your own business but have just started envisioning what it is, or perhaps you want a reviewer before you commit – this article is for you.

6 Ways to know if your business idea is ready for reality

Here are a couple of ways that will help you to flesh out your concept and figure out when it’s time to get started – or halt.

Your idea solves a problem

One of the best business ideas are those that help solve a particular problem. If your idea can solve a problem that affects you, your friends, family, neighbor, co-workers, etc., then you have good chances that someone will be interested in it.

People are interested and willing to pay for it

Paying customers is the second factor that validates an idea and will let you recognize if it has a good chance for success. In essence, an idea will remain an idea until people are willing to pay for it. Simple ideas can be discredited, but no one can discredit paying customers.

You have a balanced price point

While there are different ways to solve problems, successful business ideas do it in a more efficient way than what the market will endure. After determining that you’re solving a legitimate problem, you need to assess the value that it delivers and what people would pay for that value.

After assessing the price, you can determine if your solution is a business worthy or not.

It has a sizeable niche market

Your idea may never get off the ground if it doesn’t have a large enough market. Assess whether a niche market actually exists for your idea. Your business can succeed faster if your business improves upon existing ones – a response to an existing need.

You can tell if a niche market is marketable with a mix of research, gut instinct and personal preferences. Consider overall industry trends, investment activity in the space, and actual consumer outlook.

Your goals are realistic

It’s vital to stay grounded and be realistic about your idea regardless of your excitement to start. In a nutshell, you shouldn’t have a “just dreaming” mentality when starting your business.

A vision is fine but in itself and without an action plan, it won’t make the rest will follow. There should be a good and solid market opportunity to ensure its success. Any new endeavor or business case needs to have a feasible market that you’re confident you can sell to – not just theoretically or on the premise that there is a future for your product.

You have an understanding of a good marketing plan.

Many entrepreneurs focus on the problems their business solves but not about their marketing plans to their target customers. A good business idea needs an equally good marketing strategy that will determine if your business idea is a good one. A solid go-to-market strategy and a decent product are foundations for success. 

You also understand that putting up an online presence is a business necessity and therefore, a website, social media channels, and email are in line as marketing tools.

Now that you know the ways you can determine if your business idea is reality-bound, the next step is action. Commence crafting your offline and online presence and branding starting with domain registration to lock on to that business/trade name.