How to Identify your Perfect Business Idea?

 

The task to identify your perfect business idea is no game. It can be a game changer if you know what is it that you want to do and can do. To start any business it is of prime importance to have a viable business idea and a deep determination to get that idea running and going.

But the question is how to have that ONE PERFECT BUSINESS IDEA?

Well this step by step guide will help you figure out your perfect business idea.
First of all you need to answer below questions to find the idea that suits you.

1. What is your motive behind starting a business?

This reason of starting a business will take you to find your own perfect idea which will keep you running without getting bored in no time. Also, your motive will give you a clear idea of what has to be done now and in future and what not. For example, if you are sick of your day job and are looking forward to building a passive income source which needs your minimal attention and a lot of self sustainability. Then probably your business should be more on the grounds of proprietary solutions or a visioned content(a book maybe) or rental business which can keep on paying you over longer periods with least intervention.

 

2. Are you planning to sell this business on high pricing once it gets lifted off the ground?

What are you planning to do with this business once it starts paying off and your business model is proven. Are you going to keep this with you forever because it is your brainchild or you’re going to sell this off for one good amount. Answer to this question will help you identify how much and how fast you’d need to scale this business. You would need businesses which are super-scalable in future so they can be sold easily.

 

3. What is the problem that you are trying to solve? Is there a problem in the first place?

No business should ever be started without a problem-solution set in mind. For some business it is just a re-iteration of the solution that someone has already provided, while for others it is an entirely new solution with a new thought process. To have a business successful and running in a green market your solution or problem should be unique.

 

4. What are your key competencies which you will use within your business?

How do you think you would be able to make any difference to the problem? What exactly is the role that you will play in this business? If you think you can rely on people you hire for success of your business, maybe you need to think about it once again. Unless you can do your own sales and marketing, no sales or marketing team can help you. You need to be the first employee, or rather a working employee.

Well that was about questions that you need to ask to get to your business idea. Here is one questionnaire sheet that can really help you identify your perfect idea(based on the answers to questions in this excel). Please note, this is just a help to take you to your idea and does not guarantee any success in this business idea. It all depends on how well you execute it and your area of operations.

Identify your perfect business idea using this excel-sheet.

 

Evaluating a Business Idea:

Another thing worth keeping in mind is the viability of the idea. You’d need to gauge your business idea before you give it a head-start. Maybe a pilot of the same would be a good idea.
So before you go out in full blow, a quick run through of your idea might be a wise step. This can help trace two basic things about an idea:

1. Market Need

2. Shortcomings of your business solution

Both of these parameters when given a thought about can give a deep insight into the viability of business idea. They can help you identify whether this business idea is worth the pain and what you need to rectify before you go out.

This is very much like the alpha release of a software which is given to a small set of developers to gauge the quality of code, bugs in it and initial traction. If done in a right way this step can prove pivotal in further decisions for the business.

 

Mudit Khandelwal
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Mudit Khandelwal

Founder & Columnist at Venturepapa.com
Mudit Khandelwal is the founder and Chief Columnist at Venturepapa. He is an Electronics Engineer by education and has worked in multiple organizations with various businesses (small or Fortune 500). Always willing to be an entrepreneur, he started his entrepreneurial journey with an ecommerce website, later moving to software consulting and blogging (which happens to be his old time passion as well). Mudit is an avid traveller and you can find him going on nature trails very often.
Mudit Khandelwal
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