This is what we called “business viability” which is measured by a business’s potential for long-term survival and the ability to sustain profits over a period of time. This basically means that your business will generate enough revenue to cover costs.
So here are some point tests to tell you if you should forge ahead with your business idea:
Uniqueness
Before you worry about upstart financing, marketing or business location, you should begin with an idea, what makes your business stand out from the rest? This is a critical factor in having a viable business. Being unique keeps your business out in front of the competition.
Competition
Unless you’re lucky enough to find a hole in the market, your business will have competitors. Find out who your competitors are and keep them in mind as you create your strategy.
Ask yourself: how can I do better than the competition? Use your uniqueness to find ways to stand out from your competitors.
Customers
To have a viable business, you need to know who is going to buy your product or service. Define your buyer persona, even if you have to be broad at first.
Test the market
If after analyzing these points, you think your business idea can succeed you can go for the last step. Build a prototype and test the market. Once you have your prototype ready, ask for feedback. You can use either survey, direct contact via email or phone, or social media polls.
If you are ready to move forward with your idea, the next step would be to start with your business plan. We know the beginnings were never easy. And we are also aware that access to consulting services is often limited for the smaller organization due to costs but we know the impact professional help provides to these businesses. Contact us, we exist to offer accessible expert advice to businesses who need it the most.
