Thursday Thoughts -Is Your Business Idea Actually Viable?
Or Could It Just Be An Expensive, Time-Consuming Hobby?
I love talking to people who are in the "honeymoon phase" of a new business idea. You know exactly what I mean. You’ve got that spark in your eye, you’re filling notebooks with sketches, and you’ve probably already picked out the perfect brand colours in your head. It’s an intoxicating feeling.
But I’m going to play the role of your brutally honest business bestie for a minute.
A great idea is not the same thing as a viable business. Every year, thousands of incredibly passionate people launch startups that go absolutely nowhere. And it’s not because they didn't work hard. It’s because they skipped the most important step: stress-testing the idea before spending real money.
Look, you don't need a 50-page business plan or an expensive market research firm to figure this out. You just need to sit down with a coffee and answer three blunt, honest questions. Let’s walk through them.
1. Is the Problem Actually Urgent?
Human beings are inherently lazy when it comes to spending money. We only part with our hard-earned cash when a problem becomes too painful to ignore.
Think of it like this: Is your business a vitamin or a painkiller? Vitamins are nice to have, but people forget to take them all the time. Painkillers are non-negotiable—if you have a raging migraine, you will drive to the shop at midnight to buy them.
If your business idea falls into the "it would be nice if this existed" category, your marketing is going to be an uphill battle. You need to target a problem that is causing your audience genuine, active frustration right now. If it’s not urgent, they’ll keep pushing it down their to-do list.
2. Can Your Target Audience Actually Afford You?
This sounds wildly obvious, but you would be amazed by how often founders get this wrong. You need to make sure the people who have the problem are the same people who have the money to fix it.
I once chatted with a friend who wanted to offer premium, high-ticket career coaching to recent university graduates. The idea itself was brilliant—graduates absolutely need career help. The problem? Recent graduates are usually broke, saddled with debt, and struggling to pay rent. The audience simply didn't have the purchasing power to sustain his business model.
When you look at your ideal client, look at their bank account. If your target market is strapped for cash, you either need to change your offer, change your pricing structure, or change your audience entirely.
3. Are People Already Spending Money on This?
New founders often get incredibly excited when they search Google and find absolutely zero competitors. They think, "Brilliant! I’ve discovered a totally untapped market!"
I hate to burst the bubble, but 99% of the time, a market with zero competition is a market with zero customers.
If nobody is currently spending money to solve the problem you’re looking at, it usually means the problem isn't big enough for people to care about. Competition is actually a fantastic sign. It proves that a market exists, that wallets are open, and that people are actively seeking solutions. You don’t need to invent a brand-new planet; you just need to build a better rocket ship than the guys next door.
🛑 The 5-Minute Idea Stress-Test Checklist
Before you buy that domain name, run your idea through this quick checklist to see where it stands:
[ ] The Midnight Test: Can your target customer clearly articulate this problem if you woke them up at midnight?
[ ] Budget Match: Have your ideal clients historically spent money on similar tools, services, or lifestyle upgrades?
[ ] The Alternative Option: Can you name at least three things (even free workarounds) your audience is doing right now to cope with this issue?
[ ] Clear Transformation: Can you explain the exact value or result a customer gets in a single, simple sentence?
[ ] Scalable Pricing: Can you charge enough for this product or service to actually make a profit after paying for your time, tax, and expenses?
If you checked all five boxes, you’ve got something real on your hands. If you missed a few, don’t panic! It just means your idea needs a bit of refining and pivoting before it's ready for the wild.
If you’re unsure, ☕ Book a Brew with Stu and we’ll walk it through. Let's jump on a call or even meet for real, grab a drink, and look at the moving parts of your plan together so you can launch with total confidence.
Disclaimer
Whilst every precaution has been taken to ensure this information is accurate, I, Stuart Ashley, take no responsibility for any errors contained within. Please conduct your own research before making business or financial decisions.
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