Are you solving a problem
Which needs does my product or service meet. Think of all the aspects of your idea like what problem it is solving, who this solution helps. You have a business is you can solve someone’s problem and charge them for it.
Has someone done it before
Find out if the idea itself is unique? Has another person ever done it before? If so did the win or fail at it. If they won well do not be discouraged this may actually be good. You could improve your own idea based on the shortcomings of the first.
Write everything down
Put down all your business ideas as they come. The whole idea seldom comes in one sitting. As you will probably see so many things that will influence you. It could be something a friend says, something in the media etc. Make sure you have pen and paper ready or the notepad app in your phone. As any child in conception , your idea will slowly develop and become more complex as you get more and more information on what you want to do
Find out more about creating your service or product. Where are other businesses importing supplies from. What is the current price people are looking to pay for a product. What other competitors doing and how are they succeeding in the business. There are so many other questions you can ask yourself. It is very important to go through these steps when mulling a business idea.
The bottom line is CAN YOU MAKE A PROFIT. If it doesn’t make money it is just a hobby. Just saying .
If you go through this then look out for my part 2 for the next stage in business creation.