{"id":5771,"date":"2022-03-11T05:42:22","date_gmt":"2022-03-11T05:42:22","guid":{"rendered":"https:\/\/humancapitalinternational.org\/articles\/?p=5771"},"modified":"2022-03-11T07:33:41","modified_gmt":"2022-03-11T07:33:41","slug":"how-to-test-the-viability-of-your-business-idea","status":"publish","type":"post","link":"https:\/\/humancapitalinternational.org\/articles\/how-to-test-the-viability-of-your-business-idea\/","title":{"rendered":"HOW TO TEST THE VIABILITY OF YOUR BUSINESS IDEA"},"content":{"rendered":"

Starting a business is a prospect that crosses the mind of almost every individual in their lifetime. For some, the idea becomes a passion worthy of pursuing and investing in. For you, perhaps starting a business is one of your new year\u2019s resolution.<\/p>\n

But before you put your first dime on your business idea, ask yourself some critical questions: \u201cWhat problems does my business idea intend to solve, and why should people buy into my solutions?\u201d<\/p>\n

How do I find my answer? And how must I proceed?<\/p>\n

Consider the demographics<\/h3>\n

It is important to note that needs vary from one location<\/a> to another. In actualising your business idea, extra attention must be given to the business’s geographical location, and income bracket of the prospective customers among other related characteristics. What is the size, potential impact and urgency of your solutions? There is no point in investing in any business in a particular area without first finding out if the business conforms with the values, norms or needs of your prospective customers. For example, why set up a high end boutique on a campus, a five star restaurant within the precincts of a cluster of primary school or a laundry outside of residential estate?<\/p>\n

Allow your idea to be criticised<\/h3>\n

After developing your service or product brand, do not put it on the market straight away. Select a few people, representative of your target market and genuinely ask them to give you their feedback about your product or service.<\/p>\n

If your product solves the problems or needs of the selected people, then your idea might be destined for success. The reverse is also true.<\/p>\n

For this customer sample, do not choose friends only who might sugar-coat or massage your ego instead of giving you genuine feedback about the product or service.<\/p>\n

Have a marketing plan and use it.<\/h3>\n

After your feasibility studies, you must figure out how you will launch and attract clients. To have a business idea is just one side of the coin. The other side has to do with how to market it and make it sustainable.<\/p>\n

Even as you are passionate about your idea, it is important to remember that there are competitors that you must fend off. And you can beat off the competition if you have good products or services and a superior marketing plan<\/a>.<\/p>\n

Like this article opines, ” marketing strategy should outline how the business is positioned, how its offering is segmented, who its target audiences are, and what its route to the market are”<\/p>\n

Human Capital International<\/a> (HCI), runs an Executive Entrepreneurship and Leadership programmes, an efficient coaching initiative where prospective and practicing entrepreneurs are equipped with pillars on how to operate successful enterprises.<\/p>\n

The training exposes participants to the practical aspects of running a business and the numerous reasons why businesses fail. The three hours only Think fast and implement<\/a> a smart<\/em> program, for example, is one that you must not miss. You can enroll now and get expert advice from seasoned entrepreneurs.<\/p>\n

 <\/p>\n

RECENT ARTICLES<\/h4>\n

[rev_slider alias=”slider-1″][\/rev_slider]<\/p>\n

CLICK ON ANY BOOK TO BUY NOW<\/h4>\n

 <\/div>