5 Tips To Know If Your Business Idea Worth Pursuing!

Full-service marketing firms frequently meet aspiring entrepreneurs at an early stage of their journey. Many start-ups create a website before their business is fully developed in order to attract potential investors and turn to companies that can assist them throughout the process from the first website to the advertisement. During this process, it’s sometimes become clear that the initial idea was not carefully thought through. It is just normal that you experience some sort of difficulty coming up with a lucrative business idea. A major reason is that it usually feels like every form of profitable business idea you might want to come up with has been executed by thousands of individuals in the world, and you have nothing new to bring to the table. Well, you might be a little right on that one. However, rather than focusing on what other entrepreneurs are doing, you should concentrate on yourself and the gap that you and your business can fill.

We put together a list of 5 tips to help you evaluate your business idea with the help of Andy Nowak at Blue-Marlin. After investigating these areas, you will be able to determine whether you have a viable business idea worth pursuing!

1. Find out what you are good at

Most times, things we achieve so much success in are things that we are either good at doing or love doing. This is a very important question to ask yourself when thinking of new start-ups. Making a business out of a strong skill you have or a hobby of yours can be potentially lucrative for you. This is because you are most likely able to market what you are passionate about day in day out.

2. Find an open opportunity in your vicinity

Identifying a lucrative business idea also requires you to look within your local community. What do you feel is lacking in your community that you can fill-in? What commercial need is pressing that you can meet? Sometimes, it might not even be that the need is not there at all, but that it is not being met enough within your vicinity. A business idea geared towards taking advantage of the scarcity of a certain service meant to be rendered to the public, specifically in a local area, is certainly a lucrative one.

In this regard, you need to consider if the business idea has a sizable market niche. Every lucrative business idea needs considerable market ground to kick off properly, and you can stand a surety of success if the business is to improve upon an already recognized need.

3. In-depth market research

You can never go wrong with doing proper market research to be able to identify if a business is lucrative or not. In a situation where you have several ideas, market research helps you to narrow them down and focus on a handful of specific business ideas. You can conduct your market research via the internet, survey questions, from family and friends and your community members generally. In the course of this, you should take note of the responses and opinions you get from people. This would go a long way in helping your judgment on whether a business is lucrative or not before you dive right in.

4. Watch pacesetters

Watching those who have engaged in a particular type of business venture before you, is also a very important factor to consider when you are trying to identify a lucrative business idea. This is somewhat related to making market research, but much more, in this case, you are relying on your personal experience and intuition to make your judgment. This helps you know obviously if the business idea would be a disaster. Well, there is a flipside to this.

You cannot always judge a book by its cover. A business venture might not have gone so well for someone or a group of people because of certain circumstances that you are not well aware of, not necessarily because the business was not lucrative. Knowing this should either make you choose to find another lucrative business or go back to the drawing board to identify how you can maximize such a lucrative opportunity.

5. Understand times and seasons

This is also very key in identifying a lucrative business. There is such a thing as understanding times and seasons in the business world. Certain businesses are not supposed to be ventured into for a long period basically because they are only lucrative at a particular point in time or a period in the year. An example is the sale of home ornaments during the holidays or festive period. Such a business idea is lucrative during that period and won’t prove to be at the beginning of the year.

Another example is the popular sale of face masks and sanitizers during the outbreak of the covid-19 pandemic which is still very much around. Bottom line is that understanding local and global times and seasons per time is a big secret of identifying the lucrativeness of a business.

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