There are ideas, and then there are opportunities. How do you find out if your business idea is a true winning opportunity or a dud? In this podcast, Anthony Witt and I help you find ways to validate your business idea, connect passion to profits, and find significance along with revenue.
Click to Listen
Validating Your Business Idea – Quick Notes from the Podcast
- Passion is not enough when it comes to business. You have to have skills and a viable market.
- However, skills can be developed or hired and a market can be found, but we cannot create passion.
- Many new business owners fall in love with their ideas and yet fail to do their homework.
- Over 60% of startups (in the US) never make over $25,000 per year.
- Doing an opportunity analysis tells you if you have a viable and sustainable business.
- An opportunity analysis consists of 1) determining the size of the market, 2) getting a percent of the market you can hit (start with less than 5%), and 3) determining the potential revenue per year by multiplying potential sales (from 1 and 2) by-product or service price.
- You have great ideas within you, but you are likely blinded by the obvious. (Or as I like to say, you are blinded by your own genius.)
Interesting Facts About Business Startups
- Over 543,000 new businesses start each MONTH in the US alone
- Over 50% of small businesses are based out of homes
- Over 75% of US businesses are solopreneurs (no employees)
If you liked this, please subscribe to it on iTunes.
Subscribing is simple!
- Go to iTunes.
- Click OPEN IN iTunes
- Hit subscribe!
While there why not leave me a review!