Here’s how to know if your business idea is actually good
Today’s question is:
“How do I know if my ideas are any good?”
Now, here’s an interesting thing. If you ask people what they think of a business idea, almost every single person will say, “Yeah, that sounds good! You should totally do it!”
But would they pay for it? That’s the number one question you need to answer before starting.
I like to use a demand matrix to plot this out. If you take a look at this demand matrix, there are four different quadrants: High End, Golden Goose, Labor of Love, and Mass Market. Take a look at this:
Really study it. Think about different products, like the iPhone, that might fit into various quadrants.
Get the exact framework I use to launch multimillion-dollar products
We use the demand matrix extensively when we develop our products. See some high end, golden goose, and mass market products that we’ve offered over the years. I listed them out along with my complete analysis in The Ultimate Guide to Starting an Online Business. It’s yours free.