So you’ve had your light-bulb moment, there’s stars in your eyes and your new idea is making everything seem bright and lovely.
Seems like the perfect time for a reality check…
I wrote a post on proper business planning here, but as a “lighter version” here’s a few questions to ask yourself before you jump into to building stuff:
- Does my idea address an established need? (or is it a “solution looking for a problem”)
- Are people already looking for what I’m planning to do? (TIP: use the Google Keyword Tool to check out what people are searching for on Google)
- Who of my friends are in my idea’s target market, and what do they think of the idea? (TIP: in my opinion an idea is no good unless it gets a few haters, but if NO-ONE thinks it’ll fly then you might need to revisit the drawing board)
- Once it’s ready, can I quickly connect my idea to the market? (TIP: market = monetized CUSTOMERS. No money = no market. We are not in this for the chicks.)
- What are the start-up costs of the idea? What are the ongoing costs of running the idea? What’s the PERSONAL TIME COST of the idea? (these are important to at least take an educated guess at early on)
- What’s the monetization strategy? (TIP: there are 1,000,000 ways to monetize an idea… think laterally)
Once you’ve been through a few of these questions you’ll have a better feel for whether or not your idea is feasible.
PROTIP: Don’t feel bad if the answers to some of these questions start to make you feel like you’ve overestimated your idea’s potential yield. This is a common mistake but shouldn’t discourage from proceeding IF you decide the idea is feasible