What Makes A Business Idea Good? đź’ˇ
The million-dollar question these days is, "What makes a business idea good?" Luckily, there aren’t a million answers. As long as your idea hits three key points, you have a high chance of building a successful business.
1. It Solves A Real Problem
The best business ideas address a specific problem or unmet need. People are naturally drawn to solutions that make their lives easier, faster, or more enjoyable.
Questions to ask yourself:
1. What is something that upsets or bothers people in your area?
2. What would help make people's their lives easier?
📢 Example:
Think about Uber—it didn't invent taxis, but it solved major pain points like long waits, unclear pricing, and lack of convenience. By streamlining the process with an app, they created a global business.
2. It's Feasible and Plays to Your Strengths
A good business idea should be realistic and aligned with what you already know or can learn quickly. By leveraging your skills, experience, or passion, you'll have a head start—and a better chance of succeeding.
Questions to ask yourself:
1. Do I have the skills or knowledge to deliver this?
2. Can I access the resources that I will need to be successful?
📢 Example:
If you're passionate about hospitality and understand short-term rentals, creating a property management service (like WorryFreeBnB) is much more feasible than launching a tech start-up.
3. It Has Profit Potential
Even if your idea is absolutely genius, it is not a sustainable idea if it doesn't make you any money. So something to always make sure you evaluate is whether or not people would be willing to pay for your solution, and if you can deliver it profitably.
Questions to ask yourself:
1. Would I pay for this solution, and if so, how much?
2. How much will it cost me to create and deliver this product or service?
📢 Example:
A fitness trainer noticed clients were struggling to stick to healthy eating habits. Instead of just offering advice. they created a subscription-based meal prep service. By solving a clear problem and pricing it affordably yet profitably, they turned a common challenge into a steady income.
So, with all that being said, a good business idea doesn’t need to be revolutionary. What truly matters is starting where you are strongest. You don’t need to know everything—just enough to take the first step and learn as you go.
Always ensure your solution aligns with a real problem and, most importantly, find where it meets the willingness to pay. It’s not just about solving a problem—it’s about solving a problem people value enough to invest in. Once you’ve figured that out, what lies ahead is the potential for a thriving business.
I've Included a link to a list of questions to ask yourselves when you begin to start thinking about a good business idea!