13 Aug Will It Work?
Here is one of the most common thoughts in the minds of passionate solution providers who want to package their passion. The question is “will it work and how do I determine the viability of my idea/passion.”
Well, there are many facets to this questions, and the best way to answer it is to check your thoughts against some questions and answer as honestly as you can. You must also bear in mind that some ideas may not be readily acceptable not because they are not viable but because people are yet to identify the need for it. For example Ben and Jerry’s Ice cream. People were sceptical about ice cream with ‘bits’ in them at the onset, but guess who is one of the most popular products in the ice-cream industry and still going strong.
Here are seven poignant questions you can use to validate your concept before you embark on the packaging your passion journey.
Would your product/service make people’s lives better?
I believe in adding value to people’s lives, and that is the core reason why I support those who want to package their passion with purpose. Our lives should be about making a difference in the lives of others – it is called intentional living. Making profit from what you love is a bonus. I firmly believe that when you create products that make people’s lives better you open doors to manifold blessings in your life.
Who would buy your products?
Knowing who would buy your product/service is a good way to define how to package your passion. Are there clear indications of those who will willingly part with their money to buy your product or service? If you can answer yes after carrying out some research, you are in the right place.
Is it Profitable?
No one wants to work for nothing – even if the rewards are not monetary. There should be a reward for your labour and it is important that you determine what you want to gain from packaging your passion from the onset. This is after taking the first point above into consideration. If you want to start a profitable venture that will bring you monetary gain, you need to develop a product/service people need and are willing to pay for.
Do you believe in your product?
Confidence is a huge part of packaging your passion. People will feed off the positive energy you portray through what you have to offer. I have seen it happen so many times; people embark on a mission to sell their products with very little belief in it is a recipe for failure. My advice is, do not sell what you do not believe in.
Is it a product/service you would use if you had the problem it can solve?
Would you use the product you intend to develop? Can it work for you? It is always a very good idea to put yourself in the shoes of your ideal customer and go through the steps of using your product.
Is there a market big enough to buy this product/service?
Prospects do not include your family, friends, work colleagues and distant relatives. It is important to think of how to scale your idea from the onset. When I work with my clients, I always create a ‘wheel of fortune’ for them to identify how they can scale their businesses over time. Think of your long term plan and consider if your idea can grow into your vision for the future.
Would I enjoy the process of developing this idea?
I know the process involves hard work, but if you do not fall in love with the process, it can lead to drudgery and overwhelm. ‘Do what you love’ may sound like a cliché but it is vital that you do. I have tried so many ideas in the past to make some money on the side, but struggled and had to give it up because I did not enjoy the process. I discovered that when I love what I do, the hard work involved to create valuable products and make sales is easier to endure.
This list is not exhaustive but a good place to start. I have a list of questions I use to help my clients determine the viability of their ideas, and it has served its purpose well over the years. Why not pitch your idea against the seven questions above and come up with your answers. Let them serve as a litmus test to help you determine the viability of your idea or thoughts.
Reach out to me if you would like to explore the ‘Wheel of Fortune’ for your idea to develop a profitable product or service with a long lifespan. I love to explore your ideas with you.
Blessings in abundance
Your Idea Catalyst
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