Top 3 Metrics To Test Your New Business Idea For Your StartUp
Evaluate the viability of a business idea by measuring it through three questions or metrics - Time: Are the ideas helps people and value to their time? Money: Is it a worthful idea? Productivity: Does it satisfies user needs and increase productivity?
Monday May 06, 2019,
3 min Read
Starting a business in this digital era is quite easy with the best working software. Where innovative ideas are the key to the business. And to pull that business farther all you need a best business ideas and strategies.
Hunting of better business idea? I have a cool solution for your problem. Observe things all around, grasp viable ones and implement it.
3 Metrics To Evaluate Your Business Ideas:
An initial step to make your business success will be innovative ideas. But how to value those business ideas? You can evaluate the viability of an idea by measuring it through three questions or metrics. Let me list them
- Time – The product or service emerged from the ideas helps people and saves their valuable time
- Money – Using this product or service, the customer saves their money and energy?
- Productivity – On the business point of view, does it satisfies user needs and increases business productivity.
Especially with today’s new technologies turning every industry upside down. This new digital world invites new business or a scoped business in a fresh form. Whatever may be the idea of the business the time, money, and productivity are producing sense to the business in life.
Let me portrait a scene, A student traveler from a country wishes to view the beauty of another country for a short span. He wishes to lodge in a less expensive space of a short period. As he is a student traveler, he can’t waste money and time by finding a new space instead he can get an unused sophisticated space through an app.
On another hand, a person wishes to earn with his unused space, captures it and list it in a best working rental software and earns more.
In this case, business on renting is connected and provide service with technology. With the metric mention let’s check the ideas if renting is best or not?
Time: In this digital world, people all around run for work and money as if their legs are turned to wheels, such people (mostly all) value time a lot. Technology makes their work so easy by connecting people. Here the rental app helps to book the property prior and thus it saves time.
Money: As technology hold the traveller's hand and save money from booking expensive unknown space. With the best property rental software, it is clear about the space listed and this practice saves money of the service needed and helps to earn money for a service provider.
Productivity: Here the value of sharing things arises with the help of technology and increase productivity by connecting people.
Here are the top three metrics, apply your business ideas and make your business sensible, useful to people.
If you wish to start business on rental ping to [email protected].