{"id":47148,"date":"2023-10-20T15:52:36","date_gmt":"2023-10-20T15:52:36","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/how-do-i-know-if-my-business-idea-will-work-startupsmart\/"},"modified":"2023-10-20T15:52:36","modified_gmt":"2023-10-20T15:52:36","slug":"how-do-i-know-if-my-business-idea-will-work-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/how-do-i-know-if-my-business-idea-will-work-startupsmart\/","title":{"rendered":"How do I know if my business idea will work? &#8211; StartupSmart"},"content":{"rendered":"<p>You can never be 100% certain if your idea will work, but there are some good tips for testing the market.<\/p>\n<p><span id=\"more-61\"><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>Firstly, contact potential clients and customers to discuss the business. You might even gauge the interest in your business by offering samples of your products or services to potential customers as a pre-launch trial.<\/p>\n<p>Secondly, know your business prospects by researching your competitors\u2019 businesses.<\/p>\n<p>Thirdly, perform an initial SWOT evaluation on your business:<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Strengths are attributes of your business that are part of your business setup; unique product or service, your location, your price, quality of the product or service.<\/li>\n<li>Weaknesses are attributes of your business that are part of your business setup; untested business, lack of experience, lack of customer knowledge of your product or service, customers\u2019 existing loyalties.<\/li>\n<li>Opportunities are external market factors that will affect your business; new market, new product or service.<\/li>\n<li>Threats are external market factors that will affect your business; other businesses in your area or industry, advances in technology.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Being realistic about your prospects is the most important aspect of this evaluation. Cautious optimism should be the guiding principle. Knowing the dangers and weaknesses of your business will be a huge advantage in seeking to avoid costly errors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You can never be 100% certain if your idea will work, but there are some good tips for testing the<\/p>\n","protected":false},"author":2,"featured_media":62833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/47148"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=47148"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/47148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/62833"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=47148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=47148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=47148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}