5 Telling Tests to Prove If Your Business Plan Works (Or Not)

5 Telling Tests to Prove If Your Business Plan Works (Or Not)

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Every successful business begins with a good idea, but coming up with the right one to launch your start-up can be a struggle.

Related: The Best Ways to Do Market Research for Your Business Plan

Once you arrive at something, it can be tough to know whether your idea has legs. Here are five questions to test its potential:

1. Does it connect to something you love?

You’ll spend most of your adult life working, so find a way to connect a passion to a relevant business idea. Then you can live the aphorism, ‘If you love what you do, you’ll never work a day in your life.’

2. Are you prompted to think big?

For your enterprise to truly expand into a credible business, your concept needs to be something capable of catching on in the marketplace and driving revenue.

Is there potential for a spin-off or franchises? Can the business go international? If you find yourself thinking, ‘There is potential for growth in ways well beyond my initial premise,’ chances are good you’re onto something.

 

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3. Are you motivated to develop a road map?

See if you can develop an initial road map while your idea is in its early stages. Such a plan could incorporate key elements such as a budget, marketing concepts and the number of future employees.

4. Is it possible to leverage today’s tech savvy?

A concept that can tap into the latest in technology, including the Internet and social media, might mean your business has a real shot at survival.

5. Can you become an expert in your field?

If your concept prompts you to read and learn more about your field and the concept’s place in the business world, then you are developing the expertise your business will need to survive. Coming up with a good idea is only half the battle. There is a little bit of luck involved, too, and then the rest is completely up to you.

Related: The Best Ways to Do Market Research for Your Business Plan

This article was originally posted here on Entrepreneur.com.

Robert Tuchman
Robert Tuchman is president of Goviva, which aims to provide once-in-a-lifetime experiences. Previously he founded TSE Sports and Entertainment. He is the author of Young Guns: The Fearless Entrepreneur.