9 ways to Know if you have Gr8 New Products Idea

“I love building New Products, seeing people use the products. But you know along with this success, comes the need for a dialogue with the customer to find out which New Product they need next” Bill Gates, MicroSoft.

New Products Topics: a “burning” Passion, Does it Solve a Problem? Test to verify. Will People “pay” for it? Is there a “sufficiently” big Market Niche? get Advice, What can you Charge? . Go-to-Market Plan, set Realistic Goals.

Launching New Products/Ideas that Work. If you’re itching to launch your own business, you need more than an idea. You need an idea that’s New Products and works. It helps to be passionate about both your concept & entrepreneurship in general, but it’s critical to be realistic & well-informed going into the process. New Products ideas with self-evident appeal on its surface may not hold up to scrutiny, or might at least require some major adjustments. You need to do your homework to determine whether and how you translate your idea into viable New Products & business. Business News Daily reached out to entrepreneurs and other experts to find out what you should consider when you want to make your business idea a reality. These nine questions will help you to qualify your concept and figure out how to move forward – or not.

A“burning” Passion ?

Your New Products will likely take up a lot of your time, so make sure you’re passionate about them to make ‘m’ successful. It’s important that your idea is something you truly care about, not just something you’ve targeted, because it seems like it could be lucrative. Since starting a business requires an excessive amount of time, energy & patience, ideally, the idea will be one that you are passionate about as well as one that you have skills or experience [in] or can get them easily.

Does it Solve a Problem?

If there is a problem that affects you, your friends, family, co-workers, etc., then the chances are high that it affects lots of other people as well.

Test your new Products to verify.

You won’t know if your New Products are viable until you test it on potential users. Test it – not just with family & friends who will be too polite to tell the truth, but with potential customers who would make up your ideal target audience, and then listen to their feedback. If your tests are mostly saying [your idea] is fantastic and [asking] where can they get it, you know that you’re onto something, but if they are less than enthusiastic, it’s probably not as good an idea as you thought for new Products.

Will People “pay” for it?

It’s paying customers who validate an idea and determine which ones have the greatest chance for success. An idea is just an idea until you have a paying customer attached to it. Anyone can question a simple idea, but no one can doubt paying customers.”

Is there a “sufficiently” big Market Niche?

Without a large enough market, your idea may never get off the ground. You need to determine if a niche market actually exists for your New Products. You’re better poised for success if your business improves upon what’s already out there – a novel response to a recognized need. How can you tell if a Niche Market is there? It’s a mix of “research, gut instinct & personal preference. Consider overall industry trends, the amount of investment activity that’s taken place in the space recently, how much has been publicized about it from the consumer side & whether you’ve heard people talking about it.

get Advice on how to Start & Run a Biz.

If you’re not open to changing or adapting your idea to fit what your customers want, your New Products might not be worth pursuing. Success happens when you are willing to listen and consider others’ advice. Most good ideas take some adjustment to make an impression in the market. Being closed-minded to feedback is a killer.

What can you Charge?

While there are many ways to solve problems, great business ideas do it in a way that is less expensive than what the New Products market will endure. Once you have determined that you are solving a legitimate problem in a scalable way, you need to determine not only the “value” that it delivers, but what people would pay for that value. Once you determine the price, then you can assess if your New Products are business-worthy or not.

8. Go-to-Market Plan.

Many entrepreneurs think about the problems their business will solve, but not about how they intend to market their business to their target customers. [Lack of Experience] Your marketing strategy can determine if your New Products are a good business idea. If you have a good Go-to-Market strategy & good New Products, you’ll probably be successful. But if you have a great New Products without any idea how to reach potential customers, then it’s going to be really tough to make it successful. Thinking thru this early as possible is really key. Get help if you need to. If you can’t afford to pay them, offer equity.

9. set Realistic Goals

As excited as you may be about your New Products, it’s important to stay grounded and be realistic about it. You shouldn’t have a “Field of Dreams” mentality when starting your business. Just because you have a Vision and decide to build it, does not mean customers will come to your. While you may have an idea that is original, revolutionary or ahead of its time, there should be a real, solid market opportunity to ensure it is successful. Any new business case or new endeavor has to have a “viable” market that you believe you can sell now – not theoretically or on the premise that there is a future for these New Products.

Comments: Do you know of any other ways to verify you’ll get new Products from your new Biz Idea?

from Business News Daily 28 Mar 18 enhanced by Peter/CXO Wiz4biz

For more Info, click on New Products, Starting a Business.