You’ve been a loyal employee for several years, but you’ve always had ambitions to form your own business. Finally, an idea has come to mind, and you believe you’re on to a winner.
Nonetheless, the truth is that many businesses falter, so you need to think carefully about your next move. How do you know if your business idea has legs?
Is it distinctive?
The corporate world is fiercely competitive and there are few areas that haven’t been covered. Does your idea fill a potential gap in the market? Are there similar products or services out there? Is a rival company going to be able to copy your initiatives and run you out of business before you even get started?
It’s hard to protect ideas legally but once you start to bring your plans to fruition, you really need to start thinking about ways to shield your business from competitors.
Do you have the knowledge?
Does your business idea stem directly from your experience? You might believe you’re onto something great, but if your vision is in a new area, it might be worth consulting with someone in the relevant field.
Are there valid reasons why a product or service like yours is not already on the market? Maybe it’s been done before and didn’t succeed? Maybe the idea is just not practical? If your business idea relates to an area that you have experience in, then it is much more likely that you’ll succeed in turning it into a profitable reality in the future.