Defining a True Business Opportunity
In my last blog post, I looked at several different questions to help me narrow down my business idea. My past experience with graphic design, paired with my artistic ability and passion for visual storytelling, helped me decide to start a business as a children’s book illustrator. So, I have my shiny, new idea and I’m ready to move forward. What now?
The next step on the journey into entrepreneurship is determining if my idea is a true business opportunity. After going through the third module of the Build Your Dream Company course, “Launch a True Business Opportunity,” I wrote down five questions that will help me determine if my idea is actually a true business opportunity.
Checklist for a True Business Idea
Does my idea meet an existing need?
Do I have credible experience related to my idea?
Do I have or can I get the resources I need to make my idea happen?
Are there people willing to buy from me?
After my costs, can I make a profit from my idea?
If you can answer to yes to all these questions, chances are you have a true business opportunity. I know there is a need for competent illustrators with my background because I have met quite a few people who are interested in working with me on illustrating their stories. I also know that I already have most of the resources I need, which would keep my costs to a minimum and allow me to make a profit in my business. With those elements in place, all that’s left is finding the confidence to pursue my idea and make it a reality.