Nibletz Staff
The great idea is a wonderful thing. We probably have a few thousand each day at least. No one would claim that every great idea is going to last the distance. Some will seem brilliant at first. You’ll spend days and even weeks turning it over, working out different aspects of it. That’s quite normal for a budding entrepreneur. In fact, it is to be encouraged.
Then you do a little research and find out that it has been done before. That is still not the end of the idea. After all, your angle and approach could bring a whole new meaning to the business. And you are free to dream on. But how do you know if your idea is strong enough, and have you got what it takes to back it up?
Market Research
There’s nothing new about market research. For a good reason. It works. It is the one failsafe method of ensuring that your idea has got what it takes to make a viable business. Get out there and ask some tough questions. Obviously, you don’t want to give your game plan away, but you have little to lose at this stage. It can be a great help to look at other business models. Let them inspire you but quietly examine what the magic factor was that made that business succeed. Was it good luck? Perhaps it was drive and vision. More often than not is was a sound understanding of marketing strategies.
Getting the right tech behind you.
We run our lives with some of the best tech ever available. Good tech is about ease, speed and communication. With cloud availability, it is becoming easier for us to access and outsource major components of our businesses. Be selective about the systems and solutions that you use. Keep it simple.
Ensure you base website is as good as you can make it. It really pays to spend some time here, making sure that it looks that part. Above all, you want to make it easy for your customers to find out information and make decisions. Keeping your customers informed is going to ease the way ahead.
One of best ways to reach your customers is through text. SMS Solutions offer a fast and easy solution. An approach like this is fast and cost effective. It will make your business run more smoothly.
Understand all your costs
Examine the costs and projections as far as you can. What level of business investment is going to be required to get you off the ground? We are all hearing about how easy it is to start a business for very little capital, and that’s great to a point. There will always be a certain cost however regarding your input. But if your idea does not have access to some form of capital and investment it may not be able to generate enough speed to get up and fly.
Being underfunded is probably one the biggest mistakes that you can make. It shows that you have not looked hard enough at the bricks and mortar of the business. Go back and draw up a cash flow chart that is based on the worst case scenario. You never know, you might exceed expectations. That is the sign of success. It is the sign of a startup that is more than strong enough.
