Got A Business Idea? Here Are 5 Ways To See If It Will Work

By Lilian Wamaitha

You have always thought that you could start you own business one day and chances are that you have come up with one or a few ideas. Most people come up with good business ideas but never do something about it because of the fear of the unknown.

Without a good business idea, that business is not likely to flourish. Here are ways to know whether your idea is viable.

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1. Is your idea solving a problem?

When thinking about starting a business the first thing you need to think about is whether your idea solves a problem or not.

Successful business people will tell you that, to succeed in the entrepreneurial world, find a problem you can solve.

The key here is to find a solution to a common problem and not necessarily introducing a solution that nobody really needs.

2. Will anyone pay for your solution?

Think about a situation where you didn’t come up with a business idea but someone else did. Would you be willing to pay for that idea since you believe it is so good?

Think of the person who came up with M-pesa? That was a brilliant idea that many corporations and business people would have paid a fortune for to make it their own.

Your idea needs to be that good, that someone can do anything to make it theirs.

3. Is your business idea capable of growing?

Starting a business is much more than making money which is what most people don’t realize. To remain viable you need to start a business than can withstand the test of time and that is capable of expanding.

When Chris Kirubi decided that he could buy old buildings, renovate them and sell them, he knew than this simple idea was capable of expanding into something more.

He now has investments in the real estate that do not involve buying and renovating buildings.

If you company is to remain relevant you need to be in a position to expand to new markets. Your idea needs to generate other ideas in time.

4. Has someone beaten you to it already?

Remaining relevant is one thing that any business person needs to put into consideration. Go online and see if other people are already implementing your idea.

Chances are that if the idea is too good, someone else already thought of it.

However, that does not mean that you give up. Do market research and see how you can improve and implement your idea in some other ways.

5. Can someone else do what you are planning on doing?

Just take a moment and imagine that someone saw your idea and implemented it.

How easy would it be for them to make improvements on it and beat you to it? A good business idea is one that cannot be copied.

If anyone is to do it, then they will do it their own way not the way you want it done.

For instance, online marketing has been made so easy by the likes of eBay, Amazon, Alibaba, Jumia, KIilimall and more. This is one idea but being done different by different people which is why these companies continue to flourish.

6. Can your idea last for more than a year?

Sustainability is very important in the business sphere. Your idea as much as it solves a common problem needs to offer a long-term solution.

Business ideas come and go but good business ideas remain viable and are capable of solving a common problem in the society through offering long term solutions. With these easy tips you can determine whether your idea will work or not.

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The writer is a Communications & Digital Marketing Officer at Career Point Kenya. For any business questions email lilian@www.careerpointkenya.co.ke