You may have come up with a great idea for software, something that you know could be big. However, you may have prior commitments and obligations to take care of first. It isn’t easy in such a scenario to pursue that idea and decide whether or not you’re actually up to the task. Ask yourself the following questions to ensure your idea is ready to go into development.
An integral question to ask yourself is your goals for the project. When we talk about goals here, we mean personal goals. Also, how do you define success? How much time do you think you’ll spend on this entire project before continuing to the next one? If and when you do plan to move on, how do you propose to change the entire management and functioning then? You may wonder why you need to ask yourself these questions at this stage.
In most cases, people do not ask themselves these questions, thereby causing the entire effort and an established brand that they’ve created over the years to dwindle and fall. Sustainability and continuity are two essential aspects that offer truly long-term business. So, if you have clarity and objectivity, you will have direction and purpose, and your product and business will become permanent. You can ask these questions to ensure your idea is ready to go into development.
Why will your customers want to work with you?
There may be competition in the market. So, why would anyone in the market consider switching over to you or your product? What is it that you do better than others? What is the USP that sets you apart from the others? How much more benefit or convenience are you offering to your potential customers? Are you cheaper or more affordable than your competition?
Can you offer better quality to your customers than your competitors? When you’ve answered all these questions satisfactorily and are sure you can make a difference, formulate a foolproof plan when sure that you do it far better than the others.
Who are your competitors?
Try to find out who your competitors are or who the others do what you are planning to do. Then find out whether you have just one, two, or many competitors. Yes, do not have any competitors at all would be the best thing, but that’s quite a difficult thing to have in the first place. Once you’ve identified your competition, you must always study their product thoroughly and go through their success and failure stories. If you already have all this information, it will be easier for you to improvise on all that has happened to create something entirely different and more successful.
Who is your target audience?
Be absolutely crystal clear about who you are doing this for and your target audience. Find out the age of your target audience, their location, and how you can communicate with each of them, if and when required. It would help if you answered all these questions as these are the crucial stepping stones for you to develop your idea into a product seamlessly. You do not wish for any of your efforts to go to waste. The clarity in every aspect is what will ensure that you achieve success.
What will it cost?
Knowing exactly how much all this will cost can help you to decide whether or not you’re ready to take your idea into the development process at this time. Ask yourself whether you have enough funds to invest in developing your idea. Do you have backup finances ready? Can you afford to get into debt at this time? Are you prepared to look up and go out on the streets trying to convince others to invest in your project? Please remember that finance, and money, are practically among the most important aspects of your business. So, it would be prudent to find out how much it will all cost and where you will get all that funding.
How will the business work?
You must always be aware of what you are doing and ensure your idea is ready to go into development. You may have the skills and even understand the entire development process, but that’s just a part of the puzzle. Do you know how to run a business? Also, ask yourself how much you truly know about taxation, compliance, legal aspects, management structures, financial models, and so many other aspects of the business.
Of course, there is no need for you to get overwhelmed at this time. You don’t have to know all these things at the very outset. Once you have started your business and have undertaken the development process of your idea, you will gradually need to know all these things. One way out is to partner with someone specializing in all these aspects. However, it does help if you gradually learn all these things.
When exactly do you wish to launch the product?
Once you know why you’re developing a product, you will be deeply motivated to pursue it. Now comes the time for you to ask yourself when you will get everything done? Can you take the time to oversee and perform all the required steps to develop that new product? Will your primary source of work be hampered? Can you truly take the time away from your family? Are you so motivated that you can give up your free evenings? How you answer these questions will help you see whether you’re actually on the right path, a meaningful journey.
Why are you doing this?
Why should your product exist at all? And what problem will it solve? These are questions you need to ask yourself to identify the need you want to serve better. Your product must be able to fulfill a need and involve your skillsets and passion. Only then can this be entrepreneurial magic.
Once you’ve understood why you are doing this, you still need to ask why you are still hellbent on getting this product launched. Ask yourself how far you can go with this product, especially since you’ll have to think of manufacturing, distribution, marketing, advertising, and so many more things after you’ve launched the product. Only if this feels like an adventure, something that motivates you extremely, and even later on, the passion does not diminish; you have a winning strategy in hand and something that will make a difference.
From the above discussion, you now know the questions to ask yourself before you decide that your idea is ready to go to development. Here’s wishing you all the best and hoping that your dream product does come true one day.