Has My Business Idea Got Enough Potential?
Posted by Rhiannon Louise on June 29, 2007
Filed Under Your Online Business
Few people wake up one morning with a fully fledged business idea ripe in their minds and of those who perhaps do, fewer still have the means and ability to get their business idea up, running and turning sufficient profit from month one to enable them to give up their day jobs or rest on their financial laurels.
It’s more of a reality that many of us have one or maybe two good ideas in our minds with which we tinker and tweak and attempt to earn a profit in our spare time – but there comes a time when any of us with a half formed business should ask the critical question ‘has my business idea got enough potential?’
It’s a hard question to ask and an even harder one to answer honestly and realistically but it is still a critical question - if you’re starting up a new business venture you need to know whether you’re investing your time wisely, wasting your time pointlessly and whether you will ever be able to rely fully on your ideas financially…which is why you have to determine which if any of your business ideas has enough potential to become a fully fledged successful enterprise.
It may help to consider the following questions: -
Are you working on your business in the spare time that you have after working a full day at the office?
If so, is it one day your ambition that this business replaces and even beats your current income?
If so, how realistic an ambition is that based on the progress you’re currently making – do you need to invest more time, effort, energy and even money into your business idea to make your ambitions a reality or are things progressing according to plan?
If your part-time business is going well does it have to replace your day job, couldn’t you run it as a supplement to your full time income?
If on the other hand you have committed to your business idea and are already attempting to rely on it, are you running the risk of asking too much from your business too quickly?
Try and get a balanced picture of your business idea, what the idea is capable of achieving for you financially speaking and whether, based on the answers you give, your business idea has sufficient potential to be worthy of the time, energy and money you’re likely investing in it.
If you’re certain your idea is going to one day fly, try not to crush the idea by forcing it to fruition too quickly – if this means you have to take a day job for a period of time isn’t that better than giving up on your dreams altogether?
And if in the unfortunate event you decide that actually no, your business idea doesn’t actually have the potential you first thought it had, don’t despair, keep an open mind and relax because whatever it is you’re trying to achieve in life – financial prosperity, business freedom, a better quality of life, fame or professional recognition perhaps – you will find a way though.
