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Today's episode is one for all the aspiring entrepreneurs out there. We're going to focus on how to know if your idea is worth pursuing, how to size up the opportunity, and how to stand out from the competition. Because once you've answered those questions, you are off to to the races. Now, every entrepreneur knows that exciting and sometimes overwhelming moment when you get hit with an idea. You know the one. It feels electric, like it could change everything. The hard part is what to do after that big moment. What to do as all the questions creep up. Is this actually a good idea? Will it be worth my time? Who's going to buy this? Where do I even start? I always say an idea that visits you daily is worth pursuing. But. But the truth is, there's so much to the messy middle between inspiration and execution. And truthfully, that is where a lot of great ideas get lost. But here's the good news. You actually don't have to figure it all out alone. We live in a time where entrepreneurs have access to tools that can take you from idea to market faster than ever before. So the first thing that you have to figure out is what problem am I solving? So let's start at the beginning. The spark is what I like to call it, that moment when something clicks in your brain and you think, this could be it. I have an idea I want to pursue, but what next? So the first question I always ask myself is, what problem am I solving? Because if your idea doesn't solve a problem, be it big or small, it's going to be tough to get people to care and buy what you're selling. When I think about starting something new, that question of what problem am I solving? Is one I spend a lot of time contemplating. When I started Good American, there were two major insights that helped inform me wanting to start that business and better understand the opportunity and what I was solving for. So the first One is that 68% of women in the US are above a size 12. Yes, they are. And yet most apparel retailers only cater up to a size 12. Go figure. When I came into the fashion business, a much kind of straighter body type was what dominated the media. And that was the ideal. Kate Moss was the muse of the moment. But that has changed so much in recent years. Curvy body types are completely celebrated, thank goodness. And most women, regardless of size, they've got curves, meaning they have a smaller waist to hip ratio. And yet, so much clothing, not just denning, but so much clothing, generally wasn't cut for a more womanly curvy figure. Now the second insight is that you could be in a mall with a thousand stores and yet only between 2 and 5% of them would service a plus size customer. And usually and honestly, we're very cheap, undesirable and unfashionable products. Now I know from my years and years of working in fashion that there is always a market for a more discerning, premium shopping customer who cares about design integrity, the way something looks, how it fits, having a good fabrication or just something that looks cooler. It's why we all gravitate towards Apple as an example. Amazing design is intrinsically felt, not not just seen. And therein lie my opportunity. And so here's the thing I need to let you know, especially in the culture that we're living through now, sometimes the problem that you will solve isn't earth shattering. Doesn't have to be reinventing the wheel or building the next billion dollar tech company. It can be as simple as people can't find jeans that fit properly. Or I want to make a category that exists, but make it make sense for this specific customer demographic. Don't ever think any differently. Businesses come in many different shapes and sizes and ultimately what success looks like is entirely personal. The size of the problem, however, now that matters and we'll get into that in just a second. But the fact that you're solving something that is the foundation of every successful business. So you've identified the problem you're solving. That's step one. Step two is figuring out how to does the problem have an audience? Is this problem big enough and is it worth my time and energy to solve? This is where you start thinking about market fit. How many people actually have this problem? How often do they face it, and crucially, how much are they willing to pay for a solution. Now, Clothing is a $1.7 trillion market. Globally, denim makes up nearly 82 billion of that market. That's hundreds and hundreds of millions of potential customers. I knew from experience that I was constantly getting my own den altered. I'm 5 4. The average height for a woman in the US is also 5 4. And so to me it stands to reason that if I was making alterations to my denim that so many other people would be doing the same. Now having that insight around the plus size customer made me start to think and look at other demographics. Women with long inseams for example, or petite women. It stood to reason that there was an opportunity in all of these markets. And the world's most inclusive denim brand was born. Good American. Now I Tell you this part because addressing who will be your customer, this is where a lot of entrepreneurs get tripped up. They fall in love with the idea without testing if there's actually a customer on the other side. And listen, passion is important. You will need it to keep you going. The passion alone won't pay the bills. You have to have a problem to solve and someone to sell the solution to. And here's the other layer. Is it worth my time? Because let me tell you, starting a business, it's going to demand everything from you at some point. And I don't want to downplay that part. I never want to downplay that part. I've had times in my life where all I did was work. I've sacrificed a lot. And you will likely need to as well. You're going to have the setbacks, you're going to have moments of doubt. And you'll have to relinquish some personal commitments and figure out the trade offs that you can live with. Something always has to give. But what you could get in return is the deep satisfaction of knowing that you bet on yourself and hopefully you won. Now, in our first mini episode, we talked about finding your why. That part of your truest self that feels connected to the mission that you're embarking on. When assessing your idea, you should revisit that exercise. Does the journey ahead of you with your business idea connect to your why? It really needs to. Because if it doesn't, you're gonna have a hard time keeping enough energy to get you through the tough spots. And let me tell you, and any entrepreneur will tell you, they are coming, the tough times are always there. Now I'm obsessed with making products where I feel like the market is grossly underserved. This is how I begin to think about the plus size customer. And ever since I've weaved that thinking into everything I've done, make sure you always, always track back to your why. All right, so let's say the opportunity looks real. You know the problem's there. You know people will pay for a solution. And you know that this solution connects to your personal mission. The next question is, what can I bring to this solution that will set it above the rest? Because the chances are someone else has thought of it too. Maybe they're already in the market. Maybe they're bigger or better funded or more established. That doesn't mean that you can't succeed. But it does mean that you need to figure out your differentiation, what sets you apart or your usp, your unique selling proposition. Now I'm pretty good at making clothes, and I love a new project, but what really gets me excited is opportunity. So I started speaking obsessively about the idea of Good American. And every time I spoke to a woman about badly fitting, uncomfortable jeans or the cost of making alterations or pockets that flattened your butt, there was always such a big, big reaction, which made me think I was really, really onto something. I knew while I was creating a really familiar product. I mean, you don't get more familiar than denim. That I would need to make a big difference in the design that could be felt and a very different size, range, structure. And alongside all of that, I would need to create a set of values that meant that those two things could never be changed within the company so that we would mean something to the community of women that we would ultimately serve. Now, differentiation can come from a lot of place. From your story, from your product design, your values of a brand, the community you're building. So ask yourself this question. Why would someone choose me, my product, and this company? And keep asking until you've got an answer that feels strong enough to stand on. At this point, you've asked yourself all the right questions. Now comes the scary part. The leap from idea to business requires action. And action doesn't have to mean building out the entire empire. From day one. It can be small. Maybe putting one product into the world and saying, let me see how this goes. I think the ability to test and learn is so powerful, and all you have to do is start. This is where tools like Shopify come in so handy. Shopify isn't just a place to sell things. It's a platform that helps you test your idea, which I'm obsessed with. You can validate whether it resonates, and then you can grow. When you're ready, maybe your product just flies off the virtual shelves, or maybe you gain some key insights that actually help you pivot into a better fit. One of my favorite quotes is, I never lose. I either win or I learn. And that's the mentality that I want you to take into the test and learn phase. Because there's so much to gain from just being brave and getting something into the market, but then being smart and listening to the feedback and having the good sense to iterate on your idea, given everything you've learned. Don't forget, the sooner you put your idea in motion, the sooner you'll learn whether it resonates. That's where momentum comes from. Not just thinking about it, but doing something about it. So let's Summarize. If you've got an idea, start with these questions. What problem am I solving? Every great business starts by solving something real. If people don't care about the problem, they won't care about your product. Next, how big is the opportunity? Make sure there's a real audience out there and right. Size your ambition around what you're doing and the audience that is out there for it. Then ask, is this worth my own time and energy? Starting something new takes everything you've got. So make sure it ties back to your why, that deeper reason that keeps you going. And lastly question. What makes my solution different? Your difference is your power. Whether it's your story, your values or your design own what sets you apart. At the end of the day, that's how great ideas become great businesses. By solving something real for people who need it in a way that only you can answer those. And then take action. Because the truth is, no one can answer those questions better than the market itself. So my challenge to you is this. If you've been sitting on that spark, take the leap. Don't just dream about it. The prizes only go to those who get in the race. So you got to do something about it. Go to shopify.com and start. Because Shopify gives you the power to put your idea out into the world today. No gatekeepers, no waiting for permission. Just you, your idea and the tools to make it real. Thank you so much for joining me for this special mini episode of Aspire. We'll be back soon with one more episode about bringing your idea and your business to life and I cannot wait to see you then.