At one time or another we all have ideas that we just know are going to make money, or so we think. The average person will think about this idea for awhile, maybe tell a few friends it, and it dies there. Nothing is ever done to bring this idea to light. Next comes the want to be entrepreneur who will get an idea and go all in, often losing their shirt for an idea that only made sense to themselves. Then comes along the entrepreneur...A true entrepreneur will do his research on everything from start-up costs to marketing before he invests the first dime into it. Any idea, no matter how good, is only useful if there is satisfies a need or a want of the general population. Before investing any money into any business, you must first know who you intend to be your customers and adjust your idea to fit their needs. For instance, I would never attempt to sell snow shoes in Florida. It just wouldn't make sense even though there are companies right now that are turning millions in profit annually selling snow shoes.
Marketing research can be your most valuable tool when attempting to start a business. It can show you your strengths and weaknesses in your idea or business plan. It should always be done and never rushed because as good as your idea is, If the cost to profit ratio isn't good, your beating a dead horse.
Since my business has really taken off, I have been approached by more than one person wanting me to partner with them in other business ventures. The first words out of my mouth are always "Show me the money". I need to see that they have done their research before I will even entertain the thought.
Before you dive head first into any business venture, do your research and make sure it can show you the money.
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5 comments:
True, true...surprising how many smart people ignore this. Know someone who did a book and printed way to many. Didn't understand the audience and how to position his product.
very true. you really have to do your homework before you dive into anything.
Good point. Thanks for sharing.
good point and still trying to find it!
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