Is Your Business Idea a Good One? 3 Tests To Finally Know
A question as old as time and one I don't dare put into google...I have a phobia of awful mass produced, seo optimized, "writing".
When someone asks me if their idea is a good one, I share these 3 tests with them.
1) The 6 Year Old Test
Can you explain your idea in 3 sentences or less, so an average (NOT the Jerry Maguire kid) 6 year old understand it and see the value? If not, it probably isn't a clear idea, or honest value proposition.
2) The Chosen One Test
What are the 1-3 assets, talents, or skills required to make this business succeed? Assets are things like connections, specialized knowledge, reputation, or intellectual property.
Now, how many of these do you have, or could you acquire relatively quickly?
3) The Wax On Wax Off Test
Building a successful business often involves repeating key activities on a consistent basis...at least in your early years. For example, a freelance copywriter is likely going to read and write most days. A coach is likely going to coach clients most days.
Think about the key activity for this business. Are you excited by it? Is it something you will enjoy doing? Is it something that energizes you? Is it something, with the right time and resources, you feel you can become great at?
If you're not sure how you rank on the above test, or have a business idea you'd like to hash out with an expert, I am offering free 20 minute consultations this Thursday, Friday, Saturday and Tuesday. You can reserve your spot here:
I have particular expertise in freelancing, coaching, consulting, service and media businesses.