Determining if you have a Successful Business Idea | Victor Benoun

Victor Benoun

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I’ve been asked on many occasions about what to do once a business idea is chosen. There is actually quite a lot of work to do, but before you get married to your idea or start to believe it is the best thing since sliced bread, you have some homework. You will want to test your brainchild before you sink too much time and money into it. So, over the next several weeks I’ll be inserting a blog or two about ways to test your idea to see if you will be successful with it.

You may find it difficult at first to find an area you wish to really concentrate on, but once you do, then what? Of course you want to love what you do and be passionate about it, but there are questions to be asked; Is it too broad a field, meaning many possibilities, and are you better off focusing your talents and passions on one specific topic?

Here’s what I mean: once a field of endeavor has been identified, you may want to look to see if you can specialize in one area, and become the best at it. For example, within the medical field, there is nursing, doctors, radiologists, neurosurgeons, pediatricians, cardiologists, and the list goes on.

There are divorce attorneys, probate attorneys, patent attorneys, family law attorneys, business attorneys. Within coaching, there are health and fitness coaches, relationship coaches, business coaches, life coaches, etc. As an entrepreneur and business person, I especially enjoy business coaching.

Even within publishing there are niches. There are books on buying real estate, selling real estate, probate sales, reverse mortgages, etc. Within books there are niches, just look at the Chicken Soup for the Soul, series. There is Chicken Soup for the Nurses Soul, Chicken Soup for the Pet Lovers Soul, Chicken Soup for the Soul for Alzheimer’s, Chicken Soup for the Teenage Soul, etc. You get the point.

These are all niches within niches. Have you heard the expression, Get rich in a niche? If you haven’t I suggest you become familiar with it, and then start to identify business opportunities, and then see if they allow for specialization. You may find that by narrowing your services, you are actually building a deep, rich business base.

Do you have questions? Just let me know and I’ll be happy to help any way I can.

More to come…