▷ The 3 questions to know if your business idea will succeed or not

If you wanted to read this article, it is because you are most certainly about to start your own business…

Maybe you’ve already started and you’re not getting the results you’re hoping for. In this case, you wonder if your idea, in the end, is not the right one.

Do you have doubts about your initial idea?

On the one hand, know that this is not a problem in itself and it is also a sign that you are going to move towards something more relevant. Indeed, rethinking your business idea is crucial if you want to be on the path to profitability.

On the other hand, there is no harm in being “wrong” in your first business idea. The biggest startups have changed and modified their early ideas along the way.

This demonstrates that the company knows how to update itself and listen to the needs of its audience.

So don’t be afraid to question yourself, it can only be beneficial.

To help you know if your business idea is the right one, with all my experience in the field, I see that there are 3 big questions that it is imperative to ask yourself.

These are, in my opinion, the three questions that will confirm that your idea is laudable.

The validation method in three questions

At its core, this method involves asking three essential questions to determine if your business idea is likely to succeed. There are plenty of helpful tutorials and information out there for validating business ideas, but this one is a compact and streamlined way to test if your idea will work.

If you can say “yes” to each of them, it sounds like you have an idea that will probably work just fine. If you can’t say “yes” to all of them, it’s time to go back to the drawing board.

Question 1: Is there competition in my space?

Although it is the opposite of what one might think intuitively, competition is essential. Many entrepreneurs feel discouraged when they discover that they have competitors (more or less important) when they should be happy.

Competition beyond the fact that it allows you to work better and to be better, it has above all the advantage of validating your market.

What would McDonald’s be without Quick and what would Adidas be without Nike? Even if we are not divine to answer, we can certainly say that they will not be relentless respectively to create such successful products.

Competition pushes you to always push your limits, like in a race, where you have to be among the first. It’s the same with your business and a fortiori with your business idea.

Also, if you don’t have competition, that’s already a bad signal. It also means that nothing has been tested yet. So, yes, you are the leader, but you will also be the guinea pig… You will not have the clues that you give your competitor in spite of him and that show you the way to follow. No, in a market without competition, you are practically walking blind and you will only have yourself to guide you…

I want to remind you that if you are really the only one in your market, that does not mean that you cannot succeed. This means that it will be longer and more difficult.

Question 2: How do my competitors make money?

This question seems obvious, but one must also consider all the underlying questions. Often, new entrepreneurs will only focus on the apparent numbers of their competitors.

It’s actually very difficult to just rely on what you see. For example, when you start a business, you tend to confuse the turnover and the profit of the company. Or always try to see margins and net profit than pulling the business.

Some companies present impressive figures, but in the end restate little profit, because they have to pay several intermediaries or their customer acquisition process is long and complex.

If you want to know if your business idea is a good one, look more thoughtfully. Look at the real profit numbers. Observe especially how the actors of your market earn money. It is fundamental, believe me.

I see way too many entrepreneurs starting a business without really knowing what type of product will be most commendable to them. They could save so much time by analyzing what type of product/service the audience and market are looking for.

Also see customer comments, reviews, and research they do. We are fortunate to have several recommendation and opinion tools. It is a gold mine for the entrepreneur who wants to start a business. By collecting customer reviews, you might already have a good idea of ​​the type of product you are going to offer.

This is an essential question to ask yourself, because in addition to knowing that you are launching a sustainable business, you will be able to estimate your future cash flow.

Question 3: Can I add value?

Now, we come to the third and last question which will conclude the 2 previous questions.

At this point in reading this article, you know if there is a market for your idea. You know what sells best in your industry. It’s that ultimate question of what are you going to bring into this market that ties everything together. You’ve found your competitors and they seem to have lasting business. Now what ? Now what you need to know is the added value that you are going to bring with your business.

You know, don’t reinvent the wheel. It is often enough to differentiate yourself in a subtle but relevant way from your competitors.

What will differentiate you from your competitors is what is called in the world of startups the “Unique Sales Proposition”. It’s your unique selling proposition, the one that makes the difference.

And, to attract customers to you rather than to your competitors, you must show how your product is different and even better.

Now you are surely wondering how to stand out and how to offer a better product to your customer?

Here are 3 main axes to differentiate you:

– Best prices (cheaper prices): Even if it’s not always easy to sell for less, especially if you bring a lot of value, it’s a good option to start with. I still have to add an important element: it is not because you are cheaper that you have to keep the quality. You will be more successful if you offer equal or better quality and sell for less. In the long run, it’s you who will win, you’ll see.

  • Be faster: You know, Amazon became famous mainly because it offered faster delivery than its competitors. Whatever you sell, whether it’s a service or a product, you can stand out by offering faster results (in delivery, in results, etc.).
  • Better aesthetics: Even if it seems innocuous to you, it can have a great effect to have a more elaborate aesthetic than that of your competitors. Finally, aesthetics and design, that was the strong point of Apple… When I created my blog on entrepreneurship, I had dozens of competing sites and blogs with a relatively old-fashioned style. I wanted to stand out with a site with a minimalist and elegant design. The result ? I immediately had good feedback from my readers and a higher conversion rate, because my offers were well “returned”. In a competitive market, try to find the flaw in your market and exploit it to your advantage.
  • A customer service presents: This is a flaw that is specific to many companies and it is often the flaw that beginners can easily exploit. For example, describes an infopreneur on YouTube who has several subscribers and does not respond to comments under his video. On the other hand, a person with few subscribers, at the beginning, will answer comments and questions. It is this proximity to the prospect that can have a great impact on your sales or on the perceived quality of your company by your customers. Customer service is part of selling a product and if you stand out on this, you will have already improved your products compared to your competitors.

Conclusion: Your idea is commendable, should you get started?

Here you have your 3 questions that must resonate in your head and shake up your business. try to take the time to answer these questions calmly, trying to be as objective as possible.

If you are preparing to launch your business, you have everything in your hands to succeed. If you have already launched your business, you now know if you have the right business idea or if you need to modify it.

Indeed, having a business idea is relatively simple and can arise at any time. Having a good idea is already something else and implementing a business idea so that it is commendable is something else again.

That said, rest assured, you are not alone in having to climb the mountain of success. Many entrepreneurs have searched for the right idea and tweaked the idea until they found the right one.

About the Author

Ines Rubix (Digital Nomad 2.0): I have accompanied many entrepreneurs like you to finally find the ideal idea and strategy to do a worthwhile business. I am also here to accompany you too, to define your idea which is perhaps at the current stage a rough diamond to make it a cut diamond which will bring you back in the long term.

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