5 Reasons Why a Good Idea is not Always a Good Business

Lessons from a Creative Mind

Good and bad light bulbs
Photo from Canva.com

1. Dreams Don’t Show Expenses

Man on phone sitting in a coffee shop booth surrounded by laptop, charts, graphs, and taking notes in a notebook.
Photo from Canva.com

2. Cool Ideas Don’t Calculate Projected Income

While your daydreaming, it’s easier to think about all the money you think you’ll make. Wishing, however, isn’t an accurate projection of potential earnings. You might think your good idea will make you six figures in its first year, but how do you really know?

3. Maybe a Good Idea, but Bad Timing

Timing is more important than you might think (even if your idea is evergreen). I have learned stepping into the market at the correct time with the correct strategy is almost more important than the idea. The hardest part of this is there isn’t a perfect solution. You have to really get to know your market and look at what they really care about right now.

4. You Chose the Wrong Market

Portraits of a women in 3 stages: pregnant, holding newborn, and nursing 3 month old baby.
Photos by Author, Lisa Anderson

5. It wasn’t a Unique Enough Idea

Portraits of 3 different women breastfeeding their babies.
Photos by Author, Lisa Anderson

In Summary

My point is simple: a good idea is not a business. It’s simply the starting point. If I had taken the time to figure out all my expenses, the projected income, learned my target market, and made sure my timing was also good, I could have had a thriving portrait studio. It’s also possible it still would have failed because maybe it just wasn’t as good of an idea as I dreamed it was.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Lisa Anderson

Lisa is the Publisher & CEO at Lisa Anderson Media. For publishing opportunities visit lisaandersonmedia.com.