The start of a new year is the perfect opportunity to take big risks and implement fresh ideas in your business. But the excitement of a new idea shouldn’t distract from the need to confirm whether or not the idea is a viable one.
Research must be conducted to determine whether the product will perform as well as anticipated in a given market and that consumers actually want or need what you’re offering them. To help get you started, 10 Rolling Stone Culture Council members share some important steps to help you and your team take an idea beyond the initial “excitement” phase.
Do the Market Research
Research the target audience, the competition and the market potential for your idea. Ask yourself questions like: Is there an existing market for this product or service? How is it different from what’s already out there? What resources do I need to bring this idea to life? – Theo Sastre-Garau, NFTevening
Pitch Your Friends and Family
If your family and friends don’t understand it or see it as a good idea, that’s a huge sign to let it go. Most people deny advice given by friends and family, but they are the people who will likely be giving the most honest takes on situations. – Jenny Ta, web3vcfunds.com
Create a Structure for Success
With any new initiative, it’s important to ensure that a structure for success can be created. Without an outline of how to tackle the challenge strategically, the idea will likely fade into oblivion and never get completed. – King Holder, PROCUSSION
Determine How the Idea Can Solve a Problem
The key word here is “solution.” Is that idea actually going to solve any existing problems? How, exactly? If you can answer those questions, you are onto something. Then comes the most challenging part: Is it doable? Be honest about your capabilities, and you’ll find that new, valuable ideas are, in fact, rare. – Jacob Mathison, Mathison Projects Inc.
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Identify What Makes Your Idea Compelling
It’s easier to get excited about a new idea at the beginning of the year. But, it’s important to not let that excitement keep you from taking a step back and figuring out if the idea is worth pursuing. The key is to figure out what makes your idea compelling and then harness that energy to make sure that your plan can be executed effectively. – Kristin Marquet, Marquet Media, LLC
Create a One-Sheet
Ideas are exciting. Each one takes time, energy and money to implement. So, to assess if an idea is viable, the person who thinks of the idea should create a one-sheet right away. That includes what the idea will be called, what its function will be and a guesstimate of the ROI, not only in terms of whether this idea will at least pay for itself but also what value it will bring to the community as a whole. Then, sit on it and revisit it one week later. – Susan Johnston, New Media Film Festival®
Break It Down
Break down the idea into the foundational hypotheses that must be true in order for the idea to work. Then, figure out how to test and prove or disprove each of the hypotheses as rapidly and affordably as possible. – Drew Silverstein, Amper Music by Shutterstock
Build a Budget and Cost Assessment
Start making it real by figuring out what the actual work required will be. Identify the actual humans who are going to do the work and what that work is going to consist of, and then take that information to build a budget and cost assessment. Then honestly assess, after that work and cost, what would actually be accomplished and see if it’s worth it and where you wanted to end up. – Kevin McGee, Anderson Valley Brewing Company
Think SMART
As a therapist, I use measurable tools such as SMART goals to help my clients organize and rationalize potential ideas or initiatives. This process requires looking at these ideas and then doing the research necessary to explore them as specific, measurable, achievable, relevant and time-bound. This process can require time, patience and dedication. – Sonia Singh, Center of Inner Transformations
Give Yourself a Time Frame to Execute It
Give yourself three months to make a plan and then execute it. It’s going to be all in the doing that will determine if you can be successful. Define your goals, delegate responsibility, quantify successes and show up every day. Starting something new can be hard, and when the initial enthusiasm wanes, see if everyone is still willing to show up and act like it’s day one over and over again. – Stephanie Dillon, Stephanie Dillon Art
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January 18, 2023 at 11:00PM
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New Business Idea? Follow These 10 Steps To See If It’s Viable - Rolling Stone
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