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How to Get your Business Idea market-ready

You have finally found your personal business idea and want to mature it for the market?

In this post we’ll show you how to find the right business idea, how to improve it and how to make your idea promising enough for a market launch.

For starting your own successful business you need a good business idea. But that doesn’t mean you have to invent a better alternative to Google or SpaceX, it can already be a mature business model for a restaurant or an online store that serves a niche.

You are also welcome to watch this post as a video:

Now we will show you how to find, develop and test your business idea step by step.

But first, you have to understand that a business idea is not an unchangeable project. It will and should constantly change and adapt to the market. Only then, you can be sure of its long-term success.

 

How to find out your business idea is good

A good business idea has the following 3 characteristics:

  • It solves a problem. At best, it solves a problem better than companies that already exist.
  • It fits your personality.
  • It launches in a market big enough for it to make a profit.
 

And now let’s get deep!

 

How to find a business idea that suits you

Get a pen & paper and try to go through the following questions. They will help you find your idea and give you a clearer picture of your strengths:

  • Why do I want to start my own business in the first place?

→ What is your motivation? It should drive you at all times.

  • What are my strengths? What am I particularly good at?

→ The most important things here are your soft skills. Hard skills can always be learned afterwards.

  • What do I enjoy doing?

→ If your business idea also includes your passion, you’ll make much greater progress and be happier doing it.

  • What is important to me and what would I most like to fill my life with?

→ Set your personal goals and be ambitious. Only then you can reach them.

Be honest with yourself when answering these questions. If you go through the world with your eyes open and always on the lookout for new, unsolved problems, you will get closer and closer to your idea.

 

Developing your business idea

Always keep in mind that your business idea offers added value to your potential customers. The benefit and value, for example for guests in a restaurant, is not only the food they eat but the enjoyment, the service, and the good feeling of going out to have dinner that convinces them. This way you can be sure that your idea, even if it’s not a completely innovative one, will be profitable. Often it is simply a matter of implementing your idea better than other people or companies have done before. Ask yourself the following questions in advance:

  • Is your business idea realistic and economical?
  • Who is your target audience and how can you reach them?
  • Do you need other people to help you realize your idea?
 

You can find a list of other great questions that can help you to take your idea to another level and make it market-ready in our all-in-one-guide. So check it out!

 

How to structure your idea

With the help of a „Business Model Canvas“, you can excellently lay the foundation for a later business plan. You may have heard of this term before.

By filling out the template we attached here to download as well, it will show you what you have, what you don’t have, and what you want to achieve. It is nowhere near as detailed as a final business plan and contains almost no numbers, unlike the actual business plan, but it gives you an excellent initial overview. If you can’t answer all the questions yet, you know there’s still a lot to figure out!

 

Proofing your Idea

Hold interviews and keep in contact with your target group!

In order to get to know your buyer persona better, it is enormously important that you have personal conversations with them! This step requires courage, but it is essential. You need to know exactly how your target audience behaves and, best of all, how they think. So just go out and ask them!

Ask other people for their opinions and test whether your idea would be accepted or not. This will help you a lot. You are still at the point where you can change and adjust a lot.

 


As you can see (and already know), you do not have to invent something completely new. The most important thing about your business is yourself, your passion for it, your willingness to learn, and the people you build it with.

You can find other people who can give you feedback on your business idea in our community:
www.establi-community.de