What
fantastic success from Team GB! If
there’s one thing we can learn from the Olympics it’s got to be the concept of
commitment. I don’t know about you, but
I’ve been struck by the lengths that athletes go to in order to achieve their
goals. There are no half measures!
I
guess business is much the same. If
you’re committed to your business idea you’ve a much greater chance of
success. But there are important
considerations that no amount of commitment can replace. Sadly, for every business that succeeds there
are many others that don’t. ‘It seemed
like a good idea at the time’ is on many a business tombstone. Here’s my checklist for evaluating your
business idea. It’s not definitive and
I’m sure you’ve got other thoughts, so let me know!
- What’s different?
You have to compete on something, be
that price, quality, delivery mechanism, etc.,
etc. It’s hard to find an original idea
but it needn’t be hard to out-do your competitors.
- Is there a market?
What seems like a really cool idea
to you might not have the same appeal to everyone. Before you start selling hand knitted cat
cardigans make sure there are lots
of pet owners out there clamouring to buy them!!
- Where are your customers and how you
will reach them?
Amazing though it sounds, many
people just launch into a business without doing any research. You might get
lucky, but you probably won’t!
- What price will you charge?
If people can get the same elsewhere
for less, they will. If your price
doesn’t cover your costs and leave
a profit margin, you’ll fail. ‘Simples’
as the meerkats would say!
- How will you grow?
If you are a one man (or one woman)
band that’s fine, but you’ll soon reach a ceiling
beyond which you can’t take on any more work.
Is that your plan, or are you
aiming to be the next Richard Branson?
Knowing if you are going to grow and
if so, how, should be something you consider at the outset.
- Where are your knee pads and helmet?
In other words, how will you protect
your idea? Your intellectual property is
often the most valuable business asset
you have. Ask how easy it is for others
to steal your idea and get legal
advice on how to protect it.
- And finally….do you have the
commitment of an Olympic athlete?
Starting
a business is hard work. It will have
more lows than highs, especially in the
early days, and there will be times when you wonder whatever possessed you to be your own boss. Do you have the attitude, skills and, most importantly, the commitment to make it
work?
Where can I order a cat cardigan once prototyping is over?
ReplyDeleteKeith