Maybe your idea is in high demand in the industry, but you never know if it requires some major adjustments. Therefore, you must do your homework to evaluate whether and how you transform your idea into a viable business. Here are 5 ways to know if your business idea is great. Let’s explore with Stanislav Komsky.

1. 5 Ways to know if Your
Business Idea is Great

2. To establish a business you need an idea, and to
succeed in the business world, you need an idea
that works. Maybe your idea is in high demand in
the industry, but you never know if it requires
some major adjustments. Therefore, you must do
your homework to evaluate whether and how you
transform your idea into a viable business.
Stanislav Komsky

3. Here are 5 ways to know if your business
idea is great. Let’s explore with Stanislav
Komsky
﹡ Recognize Your Niche
﹡ Research the Field You’re Entering
﹡ Ask for Feedback
﹡ Turn to Social Media
﹡ Test Your Minimum Viable Product

4. Recognize Your
Niche

5. If your idea is associated with your niche business, and
it does not revolve around the same type of business,
then you must take a risk! A niche business will
generally do well.
In case your niche is something new in the area,
promote and market it wherever it is possible. It will
help your business getting more recognition in the
industry.

6. Research the Field You’re
Entering
If you do not have enough money to invest in your initial plan
or idea. In such a scenario, you must be very cautious.
Suppose, you do not have any experience in the restaurant
industry, and still if you invest a huge amount in a restaurant
just because you think it’s a great idea, you may lose the
game. Therefore, you must consider a lot of research and time
to start for such type of ideas.

7. 7
Ask for
Feedback

8. On the off chance that you need to perceive how
individuals respond to your new business idea, you
can generally attempt to put out surveys and
interview potential consumers about your idea. This
can enable you to check whether individuals respond
adversely or decidedly to your business plan. It is
imperative to ensure you solicit individuals who
aren't close companions from yours; you need to
have a fair opinion here.

9. Turn to Social Media
One really good way to evaluate
your business idea before you
start investing time or resources
into creating it is to get active on
social media. Join groups that
support the similar type of
business you want to run or the
target audience you want to
reach and see what the common
questions, complaints, or
requests for help to be.

10. Test Your Minimum Viable Product
You can analyze if your idea is good enough to possibly be
successful and lessen the risks by starting small. Many ideas
can be converted into a minimum viable product (MVP) for
testing purposes. Remember, every aspect of the business
model does not need to be accurate before launch. Starting
small will help you decide if your business idea is worth the
time and money.

11. Suppose, you are planning to start a tiffin service, instead of investing
in a full team, building a marketing plan, renting a space, and
purchasing expensive equipment, you can start small by using your
home kitchen. Test the market by focusing on one or two clients. Take
the help of family and friends to firstly test recipes.
Create a business website, promote locally via word of mouth, and get
your business up on Facebook, Instagram, Twitter, and Pinterest.
Once you’ve confirmed that there is demand, and a market for your
product, then increase the business and offer more products.

12. Final Words
According to Stanislav Komsky with these points, you can
evaluate if your business idea is great or not. After reading this, if
you think that your business idea needs some changes, go for it.

13. Thanks!
Any questions?
You can find me at:
@stanislavkomsky

14. Stanislav Komsky