If you have a great idea to start a new business or expand your existing business, it is sometimes easy to become wrapped up in the idea and not look at it from your customer’s perspective.
This means you may overlook some critical questions which could make the difference between an idea with real market opportunity and one which needs a little more research.
Use these questions to put yourself into your customer’s shoes and work out whether your idea is ready to launch or needs more work:
- Does the idea solve a real problem for potential customers?
- What are their needs and requirements?
- What do they want and what don’t they want?
- Can you clearly identify the features and benefits of your idea and solution to their problem?
- What other existing solutions are available in the market?
- Do you know what your Value Proposition is?
- Can you find potential buyers and can you find them easily?
- Why would buyers want to pay for your product or service?
- What drives their buying decisions?
- What price would they be willing to pay?
If you don’t know the answers, that’s not a bad thing – it just means that your idea may need a bit more work. For help further developing your business idea, contact the Business LEAP team on 1300 249 482 for free business assistance.