So, carrying on from last week, here are the final two sets of questions you need to think about when evaluating your business ideas:
3. How will you find and approach potential customers?
This is one of the most important questions to consider as, no matter how good your idea, if you have no effective way of reaching your target market, you’ll fail. Ask yourself these questions:
– How does your target market currently buy this product or similar products?
– Are there any special magazines you can buy to reach your customer – trade publications for example?
– Are there any current distributors or agents you could work with? If there are, who are they?
– Are you able to get hold of mailing lists? If so, how many and at what cost?
– If you’ve identified competitors supplying the same product, or similar products, are you likely to be able to steal customers from them? If so, how?
4.Are you interested enough in the idea to work at it full-time?
It’s great to have a money-spinning idea for your business, but if you really don’t like doing what you’ll need to do to make it a success, you might as well give it up now. The last thing you want is to be dreading getting up in the morning, especially when it’s your own business
– Is the product or service something you would use or buy? If not, how will you persuade others they need it?
– Are you likely to enjoy working with your target market?
– Are your health and personality up to working long hours in a potentially stressful environment?
– Can you see yourself doing this for the next ten years? If not, you may want to think about using another idea.
– Are you prepared to give up things you love to make this idea work?
Right! Now you should have one idea, or at the very least, a pared down list of ideas that you not only would enjoy doing, but that are potentially viable too. If you need any further help with your idea, don’t forget we have a Start Your Own Business course and good luck!
