I like cryptocurrency but I love the idea of starting your own business. I'm currently following evening school to become an entrepeneur. This is my dream and I'm putting a lot of work into this. Education is providing me a solid background to fulfill this dream. I also have an idea that could work as a company. But it will not be easy. How do I know if it's a good idea? Good question.
You will need to make a good business model. I think this is essential. You have to analyse the different aspects of your idea. Finance, marketing, customer segment, value propisition,... all very important things if you think about a good business model.
Marketing is important to determine your unique selling point or USP. If you start a business you need to differentiate yourself from others. You could have a one of kind product or target specific customers. This is your unique selling point. Making a SWOT-analysis is also a very good idea.
Knowing your customer is crucial. You don't want to sell things that people don't need. What do customers need? Do they want good service and pay more or just cheap goods? They can give you great feedback about your product or service. Using this feedback can greatly improve your chances at succes.
Value propisition is basically what value you bring to your customer. Which problem do you solve for them and how do you intend to do that?
The financial aspect is quite self-explanatory. You need to make more money than you spend it. Think about a good price for you product or service. You could look at your rivals and set a competitive price. But do not forget your costs. These contain of course your costs to manufacture your product but also eletricity costs, employment costs, ....
It is also important to surround yourself with people that know more about these things than you. You can't do and don't know everything. Ask advice. Go visit an accountant, marketing manager, teachers, ... .