Jan 5, 2024
How do you know if product is the next unicorn?
Jan 5, 2024
Working in a Product Studio, we get enquired about Startup Ideas daily. This involves many conversations regarding the worth of app concepts.
But when we do hear about a cool new idea, it excites us and is what motivates us to do what we do. How do you know if your idea is worth pursuing? Here are some factors to consider:
No one else is doing it
If no one else is doing what your business proposes to do, you could have a good idea on your hands.
The Stickytape App has created a new way of doing social media by creating the most authentic face-to-face experience through your phone. On this app, you can create video messages that allow you to communicate in a private, intimate, and entertaining manner. They’ve removed the temporary feature of video messaging, as the Stickytape app allows you to communicate and replay videos whenever you want.
Make sure you complete thorough market research to ensure that no one else has ventured with your idea before.
Someone else is doing it ... but not like this
Not every great business idea needs to be one-of-a-kind; some successful businesses are based on an old idea, but better. That's the case for Bow Wow Meow Pet Insurance.
They offer a pet insurance service, which isn’t anything new. However, they have automated the longest step, the sign-up and renewal process.
Through the Bow Wow Meow mobile app, pet owners can complete and purchase pet insurance in less than 2 minutes. Bow Wow Meow has simplified their service offering to be a powerful but user-friendly platform. Users are guided with tool tips and simple visual cues to get their insurance sorted. They’ve allowed pet owners to easily obtain pet insurance in the most effective way so they can go back to caring for their animals. For the past 6 years, Bow Wow Meow has been voted the best pet insurance in Australia, insuring over 120,000 Aussie pets nationwide.
It solves a problem
Many businesses find success by implementing technology through an app to solve their problems. Nelson Meers is a hospitality venue group across Sydney. They have multiple venues all recording sales and transactions. However, they were still tracking this data on separate platforms that didn’t talk to each other. A web application was built to track every single cash transaction from a variety of sources in pubs and clubs, including bartending, gaming, snooker tables, TAB, and Keno. The daily transfer of shift managers and cash transactions was improved. Management can now generate a complete report for their whole portfolio of venues, allowing them to grasp the entire weekly sales data to most effectively plan how to improve their processes. Solving their problem on how to best manage their data.
It fills a niche
If your idea for a business solves a very specific problem—one that only a select group of people need solved—you might be onto something big.
Malaz Majanni created the OnePath Network app here in Sydney as he noticed there was a gap in the market for a space for Islam and Muslims to explore their culture in a positive light. He did this by representing Islam and Muslims from their own perspective. This niche in the market was positively met as the network began with a $1 million investment from the Muslim community.
OnePath Network received Media Organisation of the Year at the 2016 Australian Muslim Achievement Awards, and one of its hosts was a nominee for Role Model of the Year. The network has also earned an international reputation as they received an award in the 'media' category of Dubai's Islamic Economy Awards in 2017.
Businesses that cater to a small segment of the population need to be sure that there are enough people out there to buy the goods or services they offer. But by tapping into a specific demographic, prospective business owners can often find an untapped market for even the most out-of-the-ordinary ideas.
People you don't know say it's a good idea
A straightforward way to find out if your business idea is worth pursuing is to ask people—specifically, people you don't know—whether they think it's a good idea. Chatting with experts who work at Worldteam, who have the expertise and experience to best guide you, is the best way to ask. Constructive feedback is incredibly valuable when you are looking for a business venture, as they can steer you in the right direction.
It's easy to understand
This next strategy for testing your business idea needs little explanation: if your idea is easy to understand, chances are it's more likely to succeed with prospective customers or investors.
Being able to answer questions about what your business does and why it exists in the first place is a good indication that your idea might be successful.
Different people have different values and perspectives; not everyone will like your idea. If you think your idea is worthwhile, you will have to be the spokesperson for it.
Passion is one of those intangibles that drives an entrepreneur, gets them through the good and bad times, and ultimately determines whether or not a firm succeeds.
Those who work at Worldteam have the expertise and knowledge to help you effectively.
Please submit an enquiry below with us if you want to learn more.
