Every solopreneur wants their business ideas to generate financial success. But as the old saying goes, you have to spend money to make money. This is especially true with startups.
Of course, we’ve all heard those scary stats about the majority of new businesses failing in their first few years. So wouldn’t it be nice to eliminate some of that risk and uncertainty by knowing — right from the start — that your latest business idea is most likely going to be a success?
Well, there’s no secret formula for figuring this out. By taking a step back to think critically about your latest and greatest business idea, you can quickly figure out if it truly has the potential you think it does.
Your Idea Solves A Pressing (And Prevalent) Problem
The best business ideas are always those that solve real problems that don’t have a readily- available solution. They address meaningful pain points for your ideal client — the real and emotional problems they face on a daily basis.
Sure, you can find success if you stumble across a service that fulfills a want.
But people can have wildly different ideas of how they want to spend their free time or use their disposable income. When you can present your business’s solution as something that addresses an absolute need, prospects will see great value in what you have to offer.
Consider a service that you wish was available to help you, but isn’t. Don’t try to solve an imaginary problem that doesn’t exist. This is why so many successful solopreneurs start by trying to solve their own problems first.
You can also go to trusted business contacts, friends or even family. Ask them what challenges they’re facing, and what problems they wish they had new or better solutions for. Chances are, if several people within your circle are encountering these struggles, there are more people you don’t know who are looking for similar answers.
Finding the place where actual problems and your unique skills intersect is always a great starting point for any new service product. This way, you won’t be promising to solve problems no one cares about — you’ll actually be able to deliver real value.
Your Service Can Scale With (Relative) Ease
At the end of the day, “making it big” with your business idea is all about dollars and cents. It’s about making real, generation-changing money for you and your family. To accomplish that, you can’t be content with leaving your freelancing work as a side hustle. You need to build your business idea to scale.
Scaling isn’t easy — in fact, it’s a big reason why so many startups fail. They spend money faster than they can bring in new clients, or they become unable to maintain high-quality service as they stretch their resources too thin. Still, being able to scale — and scale properly — is going to be a vital step for any business idea hoping to make it big.
As Mitch McKee, founder and CEO of M-Engineering explained in a recent email conversation, “Scaling requires strategy. You have to consider how much you can realistically add to your workload and business overhead as you grow. You have to be mindful of your time and finances.”
Continued McKee, “Whether you’re outsourcing and automating some of your tasks, or setting hard limits regarding how many clients you can take on at a time, putting in a detailed plan before you scale will help you manage your growth properly. Furthermore, adding people or partners to your business is a great, scale-centric idea, assuming there’s a certain degree of trust and agreement in place.”
Remember, scaling your business doesn’t have to be about adding dozens of new clients. It could mean shifting to higher-paying clients or raising your rates. This way, you scale your income without getting overwhelmed. If you can establish a clear, actionable plan for scaling your income before you even launch, you will be set up for successful growth once you’re ready for it.
Imitation Might Be Possible, But It Won’t Be Easy
They may say that imitation is the sincerest form of flattery, but let’s be real: no solopreneur wants a bunch of imitators getting up in their space! Granted, it’s inevitable that you’ll eventually get a few competitors who enter your niche. This isn’t a bad thing. This is actually validation of your business idea and the success you’ve achieved with it.
However, you still want your niche to be tough to enter. Maybe it requires consulting knowledge that only comes from decades of experience within your industry, insane programming skills or a ridiculously streamlined process. Either way, you don’t want hundreds of hangers-on to be able to copy your business idea as soon as they see you get a little bit of traction.
The most successful business ideas draw from something that is uniquely you.
A combination of your skills, experience and personality that others will have a hard time copying. By honing in on what makes your service unique and difficult to imitate, your business will be able to dominate its niche. Sure, others might try to enter your space, but your target audience will be able to pick them out for the cheap imitators that they are.
Time To Put In The Work
Knowing that your business idea has the potential to make it big is great…
But that’s only the first step!
Now, you have to put in the work to turn that potential into reality. By following through in the way you build your brand and serve your clients, you will be able to make your business into something that delivers lasting results.