A good idea to startup business or good idea for a new product or service specifically are two separate lines of thought and reasoning. All too often these lines of thought get blended as being the same by many startup entrepreneurs.

A good idea to startup business.
Is when an identified opportunity coupled with relevant research, developing understanding for a business model and assessing all the costs suggests potential for business viability and scalability.

Idea for a new product.
Or innovating an existing offering should only proceed after gaining insights to the current market size and future trends which are driven by customer demographics, behaviour and importantly understanding the customer’s pain-problem and what job are customers trying to get done.

Startup has never been easier.
Technology enabled systems and processes allow me to register a client’s Company in 2 days.  Business name registration for sole-traders and launching an online retail business can become operational in a matter of weeks.
But before thinking startup is too easy, I recommend you first prove your ‘good idea’.

To get started
Here is a series of questions applicable for any business sector to help articulate the start business process and what is a good idea.

  1. What pain-problem does your idea solve and how big is this customer pain.
  2. Can the real customer segment be clearly identified as the “target customer”.
  3. What would make these customers adopt this idea and how compelling is their need.
  4. Has your idea-prototype-assumptions been tested with potential customers in real time.
  5. What barriers or fears will prevent the customer purchasing your product-service.
  6. How will customers identify the value offered and what price will they pay for it.
  7. Can you find 10 customers right now who will buy and are there ten thousand more.
  8. Is the customer already using a similar product and if so why should they change.
  9. What will it cost to make a minimum feature product and how fast can it get to market.
  10. How will business find, acquire and keep its customers and what will this cost.

Deciding to Startup Business can be a brand new phase of life and learning. A new startup business maybe a natural and logical progression of a career or skill set. Whatever the motivation ensure that time is invested in research and seeking answers that validate a real business to justify the personal, emotional and financial investment required.

BEC Sunshine Coast provide assistance mentoring and advice Sunshine Coast, Brisbane and Gympie regions