When you’re developing a new product or business, there are a few questions that you need to ask yourself. This includes every aspect of how you will operate your business so that you will be successful. If you cannot sufficiently answer the questions yet, you’re not ready to take the plunge just yet.
Some of the questions may not be easy to answer right away. You may have to give it a lot of thought before you go any further. The good news is, once you can answer all 5 questions and be happy with the answers, you’re ready to go forward with the new product or business idea.
1.Is my idea original?
In order to be successful in today’s marketplace, originality wins hand’s down. It doesn’t have to be entirely unique but it needs to be slightly different than what’s already out there. Basically, it has to set you apart from the competition in some way, shape or form. Otherwise the competitors will continue to rule the market and you won’t be successful.
2.Is there a market for your item?
This is a two-part question because you need to think about how many people would benefit from your product or business. You also need to see how much competition is out there in the same industry because you will be fighting for SEO keywords, potentially a geographic market and much more.
3.How will you execute the design of the product/business?
If it’s a product, you need to think about how you will design the product and have it manufactured. If it’s a business, you need to decide how you will execute it properly, whether it needs warehouse space, retail space or anything else. All of these things need to be considered to their fullest, including the cost aspects before you proceed with your business idea.
4.How will you market your idea?
When you have any kind of product or business, people need to know about it so that they can purchase from you. The marketing can be through catalogs, other businesses, a retail space, a website or anything else. It must be marketed effectively in order to be successful.
5.How will you fund your project?
Developing a new product or business is not cheap and you might need prototyping or to run a low volume production run. This means that you need to figure out how you will actually pay for all of the expenses. There are business loans for entrepreneurs but it goes back to step 1 and your idea being original. No bank is going to take a chance on you if they don’t think that your idea is useful or original. There are investors, too, but it will result in the same thing if you don’t have a viable idea and design.