Being an entrepreneur is probably one of the hardest decisions anyone can make in life. For one, being the boss does not just entail perks such as owning one’s time and being on the decision-making steering wheel. It is also being responsible for a lot of lives, having hired many employees who rely on the boss for their well-being and overall financial support. With this in mind, it would be irresponsible for the business owner to at least not check if the business is viable.
But how does one know if a business can have traction? Here are some ways to know for sure:
- It answers a pain point
A pain point is the same as the gap in the market. What specific problems are you answering with your startup or business? What is not there? Instead of looking at what people are already offering, providing the lack to the market provides you the competitive advantage because what you are giving is something unique. This already puts you on a place where people are looking at you and expecting you to deliver not just something that they want but more importantly, something that they need.
- The research supports it
Doing a bit of research won’t hurt. However, be mindful of the fact that people do not know that they needed something until they see it but doing a bit of research to support the decision to open a business especially if it requires quite a sizable investment. This applies for example for brands that are being brought on from abroad for franchising. Research should answer if the local market will in fact be receptive to it and accept it as its own. This is because franchising is a big commitment, going as far as 20 years in terms of committing to a license to open many branches.
- People are excited about it
Nothing competes with public excitement. If based on research and with social listening you find that there is resonance with the market, then go ahead and invest in that business, there surely will be consumers who will accept and pay for it.