Validating your idea, is one of the best pieces of advice I can give start-ups as well as existing business owners. This one item should be at the top of your to do list if you’re considering starting a new business or thinking of adding a new product or service to your existing operation.
You may think it’s a great idea and all your friends and family nod their heads in agreement, but frankly they don’t matter. The only opinion that counts is those people you want as customers. It’s their opinion that matters, so get out in front of them during the concept stage, to see if there is any interest, would they willing to buy and at what price?
The upside to this exercise is that you may find out they like it and they may even give you an idea to improve it prior to you making a large irreversible investment. The downside of course is that may not see any value in it and tell you they wouldn’t be a buyer. In fact that may be an upside, when you consider how much time, effort, money and grief you’ll save by not pursuing it.
This way you’ll live to fight another day.
I’m Greg Weatherdon and this has been your Small Business Minute.
Copyright © Greg Weatherdon 2015
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