Are you struggling with your startup idea and not able to take a call whether to go ahead with your business idea. Before starting any business you need to test it on certain parameters. We have identified seven key parameters for you;
The most common question that you see people are struggling with is an idea the storms the market of startups. It also is fair because picking an innovative idea is the first and most difficult decision to take.
1. Making Hard Easy
Think of a business idea where it is solving widespread complex problems and providing a simple and win win solution. For example many platforms has connected small scale home based kitchen to food loving people. It is a win win situation for both startups as well as users.
2. Cost Effective
Consider if your idea is able to produce economical solutions of existing products. If you are able to reduce cost without compromising on quality. Any change in the cost could benefit people at mass for popular & trending products in the market.
3. Extremely satisfied customer segment
Business ideas which is trying to please everyone may not sustain in the market in the long run. Try to focus on providing quality solution to some people instead of providing cheaper products to all. If your idea is able to make some of your customers extremely satisfied you need to align all your business strategy around that.
4. Think like users
Being a startup you have to create something from nothing. The business ideas would only work if you genuinely think like the end customer of your product. It is normal to get biased with our own ideas therefore doing some customers survey or test marketing could work in the process.
5. Keep track of your funds
Is some part of your business ideas is consuming your investment constantly and return or overall value addition to your product is low you could consider to get rid of that part of your business idea. You need to have a track of all the heads of expense because ultimately success depends on how you utilize your investment.
The business ideas which has the potential to scale at large have good chances of winning investment or funding. Making a small success story of your business model could open doors of investors for the purpose of expansion of your business.
7. Team Capability
Ideas which requires specialized skill set to develop the product if founders brings that skill with them it increase the chance of success in the business. Founders should be dedicatedly involved in the business and should have a passion for the business ideas.