June 22, 2017 at 7:28 pm #4549
So, you’ve got a great business idea and you just know that your product or service is needed by thousands of consumers around the globe. Going with your gut feeling – along with the support of your family and friends – you move forward vigorously to get your plan in motion so that you can start providing the “long awaited” item to the world. Unfortunately, though, after paying for an awesome website, and putting the final touches on your product, nothing happens. No sales. No customers. Uh oh….
While the business idea that you have may very well be a great item, before you rush off to quit your day job, print a stack of business cards, and commit to a hefty business loan, it is imperative that you first make sure that the business will “fly.” Just exactly what does that mean?
According to bestselling author Pat Flynn, it means that your business idea has real merit, and that it has the components for being a success in the market place, rather than being a waste of your time and resources. In other words, you may very well have a viable offering, but if it isn’t something that fits the needs of your target customer – and that fits those needs better than other similar products or services that are currently available to them – then you won’t likely be a contenstant on Shark Tank any time soon.
When you’ve got an idea that you really believe in, it can be difficult not to act on it quickly – especially if there could be someone else out there with the same idea who could get to the market first. But the reality is that it is imperative to first test your idea in order to determine if it has real validity. For example, you should ideally have hard evidence that the product or service will be in demand. This can be accomplished by conducting some careful market research, which can include surveying your business contacts, calling people, and even knocking on doors.
A growing market for your product can also be a good indicator that it may succeed. In this case, keep in mind that all market cycles go through certain phases: emerging, growing, mature, and decline. Given these stages, where would you categorize the demand for your offering? If it appears that it would be in the growing or emerging phase, then you may be on to something. But if the market for it seems more like it’s starting to decline, then you may need to go back to the drawing board. Even so, though, it’s much easier to know where your offering may stand before you invest a substantial amount of time and money into it.
What, if any, business ideas have you had where you did – or didn’t – first research it before moving forward?
June 23, 2017 at 12:00 pm #4554
This happened to me with my second business that I started doing in retail and combining veteran services for free. I was so excited. I was a veteran myself and I felt like people needed the service. Well that excitement caused me to not react in the best way and research my target customer truly before really diving in. Before I knew it I had built up a debt only had a few sales, no one willing to really help me with providing my services and my business failed. I learned a lot during that failure. I learned the hard way just because I thought it was a good idea and a needed item didn’t mean my customers thought the same thing.
It was honestly a eye opening experience. However, it is important to not let these failures take you completely out of the market as a entrepreneur. Failures have a tendency to strengthen your resolve, make you learn lessons you otherwise wouldn’t have, and give you the backbone to stand back up. When I went to launch the third business, (which I only have two), the next time I researched, I only invested a small $500, rather than a full $20,000 loan. I moved slowly rather than quickly. Let’s hear others stories!
June 28, 2017 at 7:30 pm #4999
I’ll straight away focus on implementation. I dont think you can ever know a Startup Idea will fly or sink until you do not get to the implementation or execution stage. And believe me, as soon as you reach the implementation stage, you’ll definitely know the best way in which your startup will work out if the original idea path of implementation wasn’t the correct one. Modifications in idea, daily innovation, persistence towards your belief and your work routine is what will make your idea fly. Simple and straight, just get it started.
June 28, 2017 at 10:39 pm #5002
Well I don’t think that you will know if your idea will fly until you start
making a lot of money and it continue
and dosen’t let up. Then you know that
you’re on your way to success.
August 26, 2017 at 3:55 am #5295
It takes a lot of time and a lot of different factors to get a successful brand going. Traffic is part of it, and when I started my product offerings I spent months on related forums and messagebaords talking to people, pitching in, sharing previews and more. Now I originally came from a Kickstarter, but building the initial audience was the same work. Those weeks and weeks of chatting built my audience so that when my product was ready I had an excited and ready audience. From that point on (nearly 6 years ago) I’ve had a consistent base of followers that will buy almost anything I make. You probably need to participate in groups or forums that are related to your passions to get interaction with people. Social media is fickle and people will not put as much value into it, compared to a one-on-one type of connection.
September 1, 2017 at 9:35 pm #5304
That’s awesome insight Tim, what product did you end up starting on Kickstarter? That sounds like you did some thorough research before release your products to see if there was a need for it as well. One of the best pieces of advice I’ve gotten for selling a service or product is to give free advice about it or education on the product or service. Such as how SEO services work to a customer. Normally, even though a customer may know everything you are going to do. They aren’t going to want to take the time to replicate it.
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