Is Your Idea For a Business a Winner or Bin IT?

What is your idea?

Before diving into the nitty-gritty details, define your business idea concisely. What product or service do you plan to offer? What problem does it solve or what need does it fulfill in the market?

Who are your clients?

Identify your target audience or ideal customers. Who will benefit the most from your offering? What demographics, interests, or pain points do they have? Understanding your clients is crucial for tailoring your product or service to meet their needs effectively.

How much time do I have to do this? How many days do you want to work?

Assess your availability and time commitment to your business venture. Determine how many hours per day or days per week you can dedicate to working on your idea. Establishing a realistic schedule upfront can help you manage expectations and avoid burnout.

How much money do you need to make so you live?

Calculate your personal financial needs to sustain yourself while pursuing your business idea. Consider your monthly expenses such as rent/mortgage, groceries, utilities, and healthcare. Determine the minimum income required to cover these expenses and maintain your desired standard of living.

How long will each client/job/project take to do their work?

Estimate the time required to complete each client engagement or project. Factor in tasks such as client meetings, research, production, and delivery. Understanding the time commitment associated with each job helps you allocate resources efficiently and manage client expectations.

How much will I charge them for this service?

Set competitive and profitable pricing for your products or services. Consider factors such as market rates, value provided, and your own expenses and desired profit margin. Pricing too low can undermine your profitability, while pricing too high may deter potential clients.

What are my expenses? Internet, phone, petrol/car, software?

Identify and quantify your business expenses to determine your overall cost structure. This includes recurring expenses such as internet and phone bills, transportation costs like petrol or car maintenance, and any software or tools necessary to operate your business effectively. Understanding your expenses helps you budget accurately and price your offerings competitively.

By addressing these key questions, you can thoroughly evaluate the potential of your business idea and determine whether it's a winner worth pursuing or a binner best left behind. Remember, thoughtful planning and strategic decision-making are essential for setting yourself up for success in entrepreneurship. #smallbusiness #startup #startupworkshops #smallbusiness ideas #entrepreneurship #businessgrowthcoach