The best business ideas usually come over some type of beverage gathering, an epiphany during a struggle of your own that could make other people’s lives easier, or an opening of an opportunity presented in broad daylight. So now that you’ve had this million-dollar idea, what comes next? Here are a few things to consider to see if this idea is worth putting your time and energy into.
5 Things to Do To Make Sure Your Million Dollar Business Idea is a Good One.
1. Know Your Up Front Costs
Do you have enough money to get off the ground and into the market? Do you need to make a product and hire someone to engineer and test it? How much do you need to put into the project before you start to see a profit? These are legitimate question because if you need startup money, you will need to go find it. (This blog has some great ideas on how to start a business when you don’t have a lot of money.)
2. Has Someone Already Had Your Big Idea?
It’s important to see if your idea is already the intellectual property of of someone else. Intellectual property is a category of property ideas. The most well-known types of intellectual property are copyrights, patents, trademarks, and trade secrets. To see if your idea is already the intellectual property of someone else is patented or not. The Government of Canada has a lot of good information about this on their website, which you can find here.
You will need to do some research and see if there is someone that offers something similar. The internet is a great place to turn to find these answers. There may already be competitors out there. The need to investigate a bit further is a must because if it is already out there, it could be a make-it-or-break-it situation. If it is already out there but not that popular yet, I would see what the other business is doing, but make your idea a much better experience for buyers.
Just because you think it’s a million dollar idea, doesn’t actually guarantee that other people will agree. Research and identify who you think will buy your service or product. Is this a niche market or an unlimited user industry? Understanding the demand for your product will help you determine how much financial risk you should put in compared to the rewards you will receive based on who purchases of the product or service and how much they are willing to pay.
5. Emotional Support
This has nothing to do with profits of your business but more for the emotional stability coming from those who surround you. Starting a new business with a big idea cannot happen without those closest to you having your back. If you cannot explain the idea and vision without your partner getting excited about it, the million-dollar idea will be very stressful going forward and cause frustration.
Your Next Steps to Starting a Business
There – you have a mini-list of what to do once you have your million-dollar idea! Testing it against these measurements will help you determine if the product or service can succeed once its been started. The next step is to keep an eye out for our next blog “5 ways you can measure your progress and feel the “wins”.
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