9 Elements of a Great Bootstrapped Business Idea

When evaluating a business idea, especially for a bootstrapped startup, it's important to have a framework for assessing its potential. This checklist of 9 elements can help you choose an idea that has a higher chance of success.

1. Enjoyable daily tasks: The day-to-day work of the business should be something you find enjoyable and motivating.
2. Product-founder fit: The business should align with your skills, experience, and what you're known for.
3. Scalable business model: The business should have the potential to grow revenue without a proportional increase in costs.
4. Operates profitably without the founder: The business should be able to run and make a profit without your direct involvement.
5. An asset you can sell: The business should be building long-term assets, such as a customer list, intellectual property, or a strong brand.
6. Large market potential: The business should be in a market that is large enough to support significant growth.
7. Taps into pain or pleasure differentiators: The business should solve a significant pain point or provide a significant pleasure for its customers.
8. Unique lead generation advantage: The business should have a unique and sustainable way of acquiring customers.
9. Ability to launch quickly: The business should be something that can be launched quickly to get real customer feedback.

By evaluating your ideas against these 9 elements, you can increase your chances of choosing a business idea that is not only viable but also a good fit for you as a founder.