Is Your New Business Idea a Good One? Part 1
Here is my 4 golden questions that you must be able to answer to confirm that your idea is a good one before you take it any further.
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Did you know that around 75% of new businesses go bust within two years? That’s three out of every four businesses that start up. It’s clear that the odds are firmly stacked against you if you have an idea for your own business – but it doesn’t have to stay that way.
I’m going to help you make sure that the odds are better for you by going over four essential questions you must ask yourself before starting any new business. These four essential checks will ensure that you have a good idea that has the potential to be turned into a solid business.
Here they are – we’ll go into them in more detail in the video itself:
- Will the business make you a profit?
You’ll hear a lot of people talking about turnover and revenue, but this isn’t what you need to be interested in. Profit is what you will have left at the end of the day once you have brought all your money in and paid all your bills. It needs to be good enough to give you everything you want in life.
- Who are your customers?
Some people start a business without identifying their customers. This is a big mistake because it could be that you don’t have any customers – or not enough to create a viable business.
- Can I get the business?
Will these people want to do business with me? What can I offer them that they will want to buy?
- Is it scalable?
Many businesses are capable of starting off positively. But can you expand the business at a later stage if you want to?
By ensuring the answers to these four questions are ‘yes’, you will stand a much better chance than most of creating a successful business.
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