If you’re one of the many people who’ve emailed me recently about your new business idea or innovation, firstly, congratulations! It’s not always easy to come up with a great idea but you’ve done it.
While I try to respond to everyone individually, there are common themes coming through which I’ll address in this blog.
Understandably, plenty of you are raring to get your business plan in place, raise some money and launch your product.
But wait!! What you do next can make the difference between success and failure.
The traditional route to evaluating your business idea is to put together a detailed business plan with market evaluation, costings, and profit projections.
But before you get buried under business plans and funding negotiations, not to mention throwing away your own money, resources, and energy for the next 6 months, you need to stop and question whether your idea is compelling in the first place.
Is your big idea market driven? Your business plan won’t tell you if the fish (customers) will bite!
However, I’ve learnt from bitter experience what separates a good idea from a non-starter. Really it comes down to just 3 questions.
- Is there a market?
- Is there high value to this market?
- Can you get some kind of exclusivity?
At Innovation Launch we can help you find the answers to these questions. Sign up to the Innovation Launch Litmus Test to discover if your business idea is a flier.