Is Your Business Idea Worth Million Dollars

“How can I sell designer wear for babies?”
“I want to sell beverages for pets – how do I develop this idea?”
Or
“I wish to sell bicycles for senior citizens. Would it work?”Among the million ideas that you scribbled through, there’s one wacky idea that strikes the right chord. Now, the obvious next question to ask is – will the idea work?

A business idea is successful when it matches a purpose with high profitability as well as scalability.

Having said that, many factors shape an idea into a successful business. So, before you put your blood and sweat into it, I am sure you would first like to know if your business idea clicks or not. For you to know this, let me help you with two things you must consider.   

Identify the nature of your business

To know your business idea’s growth possibility first recognise what it truly offers and what purpose it solves. I call this process ‘identifying a business idea as a vitamin or painkiller’.

I always ask my clients – do you wake up craving for vitamins or painkillers? And pop comes the reply, “painkillers.” Why so? Because painkillers heal you, they address your immediate need for comfort. This is why, the businesses that provide its consumers with immediate relief or fulfil their current needs, I categorise them as painkillers.

A sugar-free baking would address the need of consumers wanting to eat sweets whole-heartedly while keeping them healthy. And hence, this I would classify as a painkiller business idea.

On the other hand, our bodies also need vitamins. They nourish us, comfort us and ease our life in the long run. So, a business idea is a vitamin when it provides future benefits to its consumers.

Organic beauty products help its consumers have better hygiene and improve their physical appearance over the long run. So, this business idea for me becomes a vitamin.

Envisioning the business idea’s scalability and profitability

A business idea clicks when it has a set vision and you know how far it can reach – in both scalability as well as profitability. Let me help you understand this better.

Jessica wants to start a business of selling maternity wear. However, before she starts her venture, she must:

• Understand the problem – what is the current problem for pregnant women in clothing
• What are the existing alternatives – currently how are they solving the problem
• What’s my special solution – how is my product bringing something unique for them

These steps will help Jessica get insights on her idea and validate its potential for her.

I know starting a business is not easy, which is why I am here to help you find ways in which the journey becomes empowering and worth it, at every stage. After all, it is every entrepreneur’s dream that their passion turns into profits.

If you have a business idea or wish to develop an existing business further, connect with me at nishita@nishitamantry.com