Can your idea be turned into a business?
To turn an idea into a business, consider if it is feasible and if there is a need or a market for it.
I have always been an entrepreneur. From the time I entered the workforce to this very day, I have dreamed of creating something bigger than myself. I started off building a franchise, which is, of course, owning your own business, but there is a certain level of comfort having an established name behind you—something to give you a bit of a head start.
These days I am running a start-up, GoWrench Auto, which started from nothing. It is an idea I had when my truck wouldn’t start one morning. Every day we hear of people who have big ideas—the solutions to all of life’s problems—but what separates these pipe dreams from the ideas that can grow into a successful business? Why do so many ideas flop?
There are a few things to consider.
Is there a need?
With my business, I knew right away that I needed it, but would anyone else?
I began to do a bit of market research into the automotive repair industry, as well as surveying car owners about their biggest pet peeves about the car service industry. Overwhelmingly they found the process time consuming, inconvenient and expensive—and voila—room for innovation.
I set out to build a car repair service that worked on their schedule, came to them, and saved them money.
Think about your idea. What problem does it solve?
Is it feasible?
There is a need for a teleportation device to make sure that I don’t have to ever wait in traffic. That would solve a lot of problems in today’s society. Attainability, however? That is another story.
You need to consider your talents, the talents of those working with you, and any funding limitations to see if your idea can ever get off the ground.
The more far-fetched the idea, the longer it may take to come to fruition, adding a lot of expense along the way. Rome wasn’t built in a day, and neither will a teleportation device—or any other invention.
Is there competition?
Now, don’t get discouraged if there are other companies emerging with the same ideas as you.
Competition is not bad, however, you need to know what makes you different.
You need to be prepared to market those differences to build your business.
Are you committed?
At the end of the day, it all comes back to you. It takes years to build a business from the ground up and it is not all sunshine and roses.
Do you have what it takes to work long hours for little to no pay to get this going?
Do you believe in your product or service so strongly that you are willing to make huge sacrifices to make it happen?
I admire the entrepreneurial spirit in all of you—the one thing that rings true in each of these considerations is research! Know your industry inside and out—don’t just jump in!
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
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