Ann Marie Wallace with the Women's Business Center at the Salt Lake Chamber, along with business owner Jennifer Johnson tell us how to recognize a great idea.
3 Ways to Identify a Winning Business Idea
It is wise to validate your business idea before investing your time or money in it. Here are three things to consider about your product or service that will help you to identify potential for success:
1. Discover the problem it will solve: Make sure your business solves a problem! Build your product around a need or pain that people or a businesses have.
2. Identify what value it will add to a person or a business: How will this benefit them? Will it save time or money, make life easier or improve their processes.
3. Test it on potential target audience and get their feedback. By getting direct feedback from your potential target audience (those who need, want and can afford your product). You will better solve the problem and maybe even find ways to improve or add more value the user
For more information or with help starting your own business, go here.