Every business, big or small, began with an idea. 

The planning phase of your entrepreneurial venture is going to be critical to the success (and longevity of that success) of your business. 

But let’s be real. Thinking of ideas can be tricky. While they may sound appealing to us, we’re often greeted with doubt and uncertainty that our idea will be well received by the markets out there. 

Will people like it enough to spend their hard-earned dollars on your product or service? Is it differentiated from products already being offered out there? How can we predict the idea’s success? 

First of all, it is very normal to face some nerves when it comes to putting ourselves and our ideas out there. 

We often put pressure on ourselves to have a flawless business idea right from the get-go. However, ideas by no means have to be perfect from day 1. You’ll experience some back and forth, some additions, some eliminations, and much development. BUT, starting with a strong, well-planned out idea can give you a huge leg up.

Here’s the scoop on 3 ways to check if your business idea is a keeper:

      1. You’re passionate about what you sell. 

Being passionate about your business is key to any type of success. You’ll be spending a lotttt of time working on it, so it’s important you love what you’re doing! Additionally, it helps to have some experience in the category.

For example, if you want to open up a bakery, it would help if you are a good baker and are passionate about your creations!

     2. There’s sustainable interest in the category. 

Many businesses fail because they are based upon trends that don’t last long enough for the company to turn a profit before it’s “out of fashion” again.

When picking a business, ensure that the area will have continued momentum.

For example, health + wellness has been a HUGE up-and-coming category. A nutrition information platform would be better positioned for continued success than a business built just around a fad diet.

     3. There’s room to grow in the category

“Room to grow” doesn’t necessarily mean reinventing the wheel. It simply suggests that you can bring something different to the table in YOUR approach

For example, look at The Mode School. So many business education platforms are out there, but we felt like no one could do it like we could! We differentiated ourselves by taking Caroline’s passions (business, coaching + empowering women) and carved out our niche by focusing on delivering a life + business education that feels good for women.

If you’ve made it to the point where you have an idea and have the courage to explore its business appeal further, you should congratulate yourself! Very few people make it to even that preliminary step. Entrepreneurship is awesome, but I won’t deny that it comes with some accessory butterflies in your stomach when you’re first stepping into space. 

SO many people let those nerves and doubts prevent them from even developing their ideas. The fact that you’re reading this article means you’re one step further to having your own business! Stick with it and achieve your wildest entrepreneurial dreams!

Want to learn more?

Sign up for our Entrepreneur Mode Program.

This program is jam-packed full of tried + true business techniques that have allowed our alumni to grow flourishing, women-led businesses! Visit the ‘Entrepreneur Mode’ tab on our website!

 

Amelia Ceolin