A business idea is merely a thought or concept that has not yet materialized. They are a dime a dozen, and almost everyone has conceived a product or service idea. Your idea only has merit if it adds value or solves a problem for the intended consumer without too many limitations or disadvantages. The window of opportunity has to be right by providing something beneficial that is currently not offered by direct and indirect competitors. And you must also be willing to modify it if necessary.The Purpose of Idea Merit TestBefore your begin developing a business plan for your new idea, conduct a brief idea merit test survey. Describe your business concept on a piece of paper to show to potential consumers, and then ask them to complete a simple one-page survey to determine their interest in the product and gain additional feedback. This can help you determine if your idea has merit, and you can use the feedback to strengthen your original product or service idea.The Idea Merit Test QuestionsAfter you describe your product of service idea on a sheet of paper, ask 10-15 people in your potential target market to complete a short survey. The survey contains ten questions. The first seven components use an easy-to-use Likert scale as follows:0 = Non-existent1 = Minor degree2 = Moderate degree, but somewhat vague3 = Moderate degree, but quite clear4 = Major degree5 = Extreme degreeTo what degree does this business idea:___ 1. add value or help solve a problem for me?___ 2. provide immediate benefits to me?___ 3. provide delayed benefits to me?___ 4. have limitations?___ 5. have disadvantages?___ 6. appear to be alterable or modifiable?___ 7. offer me something I would consider buying today?The last three questions allow for feedback to help you improve on the idea:8. Would you purchase this product?___ Yes___ Maybe___ NoIf ‘yes’ or ‘maybe’, how much would you pay? ___________9. What do you like most about this business idea?10. If you could make improvements to the idea, what would they be?Further Information on Each Survey Question1) Value: People do not purchase products and services. They buy solutions to their problems and things that add value to their lives. So, if they do not see the value in your idea, it will be apparent in the cumulation of your responses.2) Immediate Benefits: Most people want to realize instant benefits upon a new purchase. People tend to place more value on immediate consequences than on delayed consequences.3) Delayed Benefits: Some products or services may not provide immediate benefits to the user; however, the value created or problem solved is realized weeks, months, or even further down the line, such as financial investments.4) Limitations: Limitations are the positive things your product or service cannot perform or that others can do better, and no product or service is without limitations.5) Disadvantages: Limitations are positive things your product or service is unable to perform. Disadvantages are negative things that occur as a result of using your product or service. Disadvantages do not necessarily kill the idea, however, the benefits must clearly outweigh the costs.6) Modifications: Based upon the limitations and disadvantages, your respondents may have ideas for modifications. This will become more apparent in question #10.7) Window of Opportunity: Are people in the right mindset and is this the right timing for your idea now? The ATM machine and its counterpart the ATM card gained popularity in the mid-1990s. What few people know is that the ATM was invented in 1939. However, in 1939, people were simply not ready to allow a machine to handle their money instead of a person. The window of opportunity for this idea was several decades away.8. Willingness to Buy: This taps more into question #7 by asking them directly if they would buy it or not, and also how much they would be willing to pay. This information is key before developing a business plan.9: What They Like Most: This simply offers you insight into the best part(s) of your idea. Hopefully, people will leave good comments in this section for you to build upon.10. Improvements: This provides feedback on what they do not like about the idea or what they would like to see changed. Do not view this as negative feedback. Instead, use their suggestions to make your idea better and stronger.SummaryMany nascent entrepreneurs believe the first step to launching a new venture is writing the business plan. A business plan is a blueprint for execution. You should not spend any time, energy, or other resources writing the plan until you are sure your idea has merit. A quick and easy idea merit survey is a good tool to use.
Tag Archives: Business
Make The Best Home Business Choices With This Advice
A lot of people think that operating a home business is something that is hard to do, but it’s actually something easy if you apply yourself and learn the information. Look at this article with a careful eye and see what information you can take and use towards your home business goals.
One of the reasons why many people decide to become involved in home business is so that they have more time to spend with their kids. However, as their business grows, they also easily find themselves in situations where their kids impede their ability to work effectively. Just because it is a home business however does not mean that a nanny, babysitter or daycare center is out of the question. Don’t ignore these resources just because of the fact that it is a home business!
Study your competition carefully. Understand their pricing and know where you fit in. Never say negative things about your competition. Have your ever noticed that malls are full of clothing stores that all manage to keep doing business? Competition brings out the best in different businesses and every business has its own unique nuances that draw different customers. Talk up your own business, your products’ features, and how they benefit your customers.
If you already have a degree in business management that is great, but you should still continue to read as much as possible. If you don’t have a degree in this, don’t worry, you will still be able to catch yourself up through self-teaching and even hands on experience. Many of the best business professionals never finished college.
Use an attention-grabbing name for your website domain. There are many different websites and you want to make sure that yours stands out from the rest. A catchy name can be the perfect thing to get traffic to your site, it will be easy for a potential customer to remember and easy for them to access.
Decide if you are going to be involved in every aspect of the business. When starting a new business, having a staff of full time employees might not be financially possible and many of those tasks have to be handled on your own. As the business grows and money flows in, you can think about hiring personnel to call customers, collect receivables and thousands of other tasks that a small business needs to get done.
You should try contacting a local radio station and making a deal with them to barter products for a small bit of airtime. They can use your products for prizes in contests or free giveaways and in turn, they can mention your business as the place where they got these products.
With all of the information you just learned you want to try to do the best of you ability to apply it towards your home business. The thing about being successful in home business is that you want to continue to expand your knowledge and apply it. You should see success in no time.
5 Tips To Help You Purchase An Air Purifier For Your Business
Today, businesses around the world are getting back to normal after the pandemic. However, there is still a lot of risk of airborne transmission of bacteria and viruses. Due to wearing a mask and staying away from people, most people have become weaker as far as immunity is concerned. Therefore, they are unable to protect themselves against respiratory viruses, such as the common cold and flu. If you are in this situation, we suggest that you invest in a good air purifier. Given below is a description of 5 tips that can help you purchase the best unit.
Technology
We suggest that you go for the best technology to cover your needs. According to the Centers for Disease Control and Prevention (CDC), air purifiers with HEPA filters can help you capture tiny particles of COVID-19. As a supplemental treatment, you can also go for germicidal ultraviolet light.
The good thing about HEPA filters is that they are made to capture more than 99% of airborne particles. They also have a high filtration capacity.
Strong Airflow
According to CDC, your chosen unit should have a powerful fan for the best circulation of air in your home or office. In other words, you cannot use residential units in your office or other commercial building. The reason is that they have weekend fans.
The point is that high-powered fans create a lot of air pressure. The idea is to make sure that there is enough airflow for proper air circulation across the whole place. For a commercial, you may want to invest in a medical-grade air purifier.
Reputation
Reputation is another major factor that you must consider. If you want to purchase a business air purifier, we suggest that you don’t just buy from any reputable brand. What you need to do is consider independent scientific testing performed in real-life situations. Besides, these tests should be done at a reputable center for validating claims.
Besides, you may want to consider case studies and get in touch with a few quoted customers in order to know about their experience. As a matter of fact, most buyers can happily share their views about the products that they have purchased.
So, you may want to read the sustainability credentials of the manufacturer before making this purchase for the first time.
Cost
You may want to purchase these devices as if you are going to make an investment. You may not want to take it as a cost or expense. Unlike a residential air purifier, hospital-grade units are far more expensive. Therefore, you may want to consider the cost factor before setting your project and purchasing these units for your business needs.
Conclusion
Long story short, we suggest that you consider these essential factors if you are going to purchase an air purifier for your business for the first time. The idea is to ensure that you get the best product that will cover your needs and stand the test of time. Hopefully, these five tips will help you make an informed decision.