Maximise your success with your latest business idea and avoid these common symptoms
Building a new idea is one of the most exhilarating, rewarding events in your career. With momentum comes new horizons and a promising future.
But without the right advice, these castles in the sky will just stay as mud and foundations.
These are 7 costly mistakes to avoid, as you develop your new business idea.
1. It is a bad idea
Do a pre-pipe idea selection.
Don’t just fling everything you have at the first business idea; round out a few of the others first, then refine it.
2. It is not a business
Ask these questions to determine if your idea has the 5 essential elements of any business.
Does your business idea:
· Create and deliver something of value?
· That your customers want or need?
· At a price they’re willing to pay?
· In a way that satisfies their needs and expectations?
· So that the business brings in enough profit to make the venture sustainable?
Do a quick assessment whether your idea is a pipeline concept or a prosperous business. If you can meet these 5 key criteria with certainty, you are in good shape.
Maybe your business idea is unviable or only a passionate hobby. If you cannot answer all those questions successfully, you may need to do more work on your business idea.
3. No one wants to buy it
Do your customer research and stay connected: You may have always wanted a little fan to cool your noodles, or a tiny brolly to cover your shoes, but does anyone else?
How can you be sure the customer base is there? And once you’ve made contact with your customer base, how will you keep contact?
4. The numbers do not add up
Do your numbers, then do them again. In creating a financial and business case for your idea, you’ll make sure the profit and loss adds up before you take the plunge. This seemingly obvious step is an afterthought for a lot of business ideas.
5. The launch timing is wrong
Research shows that timing is the number 1 driver of success. Often, business people fail to properly consider the critical importance of timing when embarking on their new business idea. It is prudent to ask yourself the hardest question to determine if your idea will work for you in current market conditions: “Is it the right time to launch into market?”
If the answer is “Yes!” then drive your launch plan. Modern practice shows the goal is to launch the minimum product then work to evolve it rapidly.
6. “I didn't expect that”
Surprises, risks, unforeseen market events are generally a given when delivering a new business venture. It is common for business people to be very optimistic and positive, hope and plan for the best case, and then get a bad or worst case. However, no-one can control surprises.
What you can do is provision additional time, costs and resources to respond to unforeseen events. It is prudent to plan to your worst-case scenario and also execute to your best case scenario where everything goes smoothly.
7. The business idea was not market tested
There is a saying: “A business idea is hammered on the iron anvil of the market”. Your concept doesn’t become real until it’s tested with customers, proofed in the marketplace with robust feedback, and you know that your customers either like or dislike your offering and would be willing to pay for it.
Test the market, engage your customer directly, iterate and proof your concept, then build momentum towards your market launch phase.
By engaging an experienced advisor will help you through these seven stages so that your idea expands with confidence, and above all, has the best chance to succeed.
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New Business Nightmares, Losing all your money, fast!
7 costly mistakes to avoid when your launching your next business
Ideas Accelerator is an easy and proven 3 step method that helps you rapidly act on your ideas, get concepts to market faster, engage customers, and be more profitable.