Will My Business Idea Work?

Will My Business Idea Work?

Fantastic! You have created a great idea for a new business! You love it and you assume everyone else will love it too. You dream of how the business will work and you can see the sales easily rolling in. Yet, you have a nagging feeling, and wonder if the business will really work, and will the idea make any money? Too often at the early stages of creating a new life centered around starting our own business, we can have a great idea and it’s just that – an idea we love but sadly no one else thinks the same. When you are starting to consider your business idea, you must get feedback If you don’t seek others’ opinions on your idea, you risk creating a beautiful offering that you adore but one that no one wants to buy. Taking some time to ask others what they think of your idea at this early stage will allow you to incorporate their feedback into refining your idea. It is important to go into these research conversations with an open mind and to be grateful of what you are told. Being defensive and stuck on your ideas will mean that you create what you want, not what your market needs. I love to think that there is no such thing as failure, only feedback. As you develop your business offering, there is a range of research stages to go through. As your idea takes shape, more in depth research can be conducted, but if you are right at the beginning, start here! Initially start by asking your family and friends...
Getting Clear on Your Business Idea

Getting Clear on Your Business Idea

So many ideas and opportunities flood your brain as you start to consider your new business venture. As you imagine who your customer will be, ideas keep tumbling into your brain as great ways to make more money, augment your business and be a success! But then you look at your notes and realise that you have created a monster and lost sight of the original idea. This is a very common scenario when we first start planning our new business. We don’t want to limit the business potential and scope as we have a compulsion to maximise our business idea. The trap with this is that we can create a business concept that is unfocused, unclear and confusing. We develop a business proposition that is hard to articulate into a single sentence. Sales are slow to eventuate as a confused prospect never buys. How do you harness these opposing forces? On the one hand your unbridled enthusiasm and energy generates new ideas and fuels your effort. But on the other hand creating a concept that becomes overwhelming and difficult to find a way into. Try this three step approach to keeping your energy high to capture your brain waves and then distill it down into a tight business concept. Step 1: Have an ideas bucket This might be a notebook, a file on your compare, a note on Evernote. Use this space to dump all of your ideas, brain waves, inspirations, and observations. Write freely, don’t censor! An idea that may seem irrelevant now may be extremely useful in 12 months time. Step 2: What does your customer...
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