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#120: 5 Ways to Tell if Your Business Idea is Worth Pursuing in 2023
Manage episode 354774680 series 2820061
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When it comes to starting a business, even a side business, passion isn’t enough; you also need to make sure your idea is viable. A great money-making business idea is one that solves problems and has a viable market.
In this episode, co-hosts Nola Boea and Lori Vajda are sharing their tips and the questions you need to ask yourself, all in an effort to help you discover whether or not your business idea is worth pursuing in 2023.
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In This Episode You’ll Learn
- What makes for a great business idea worth pursuing.
- Five ways you can determine if your business idea is a YAY or a NAY.
- How to come up with great ideas for a side business.
- Why it is SO important to validate there’s a true market demand for your idea.
Key points Lori and Nola are sharing in this episode:
(02:43:27) The five questions to ask yourself to determine if you have a viable money making business idea.
(04:22:31) Why being first to market isn’t always a recipe for success, and what you can do to ensure you’re on the right track.
(07:00:94) Is it necessary to determine the potential product-market fit of a product or service? Yes, but more importantly, this is why it’s crucial.
(11:46:17) How you answer this question can help determine whether or not your solution is a purple cow
(13:09:37) The important reason you don't want to overlook what your test audience or your research is showing you.
Resources
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