The biggest cause of new business failure is lack of market, and that can be down to too little research, wrong location or too much optimism...
So if you have an idea for your existing business, or want to start a new one, here are some steps you can take to increase the likelihood of success.
1. Have you thought like an artist and a scientist about your idea?
Artists like to think in the abstract 'this will make people feel amused and delighted...', see things metaphorically ' my idea is about a cheese that's like a chocolate bar'... and have visions of the broadest context ' it's the cheese you could take to the moon'.
Scientists like to think in the specific 'this cheese will cost x amount to manufacture and retail and x amount'; and the tangible ' there are 2 million registered cheese lovers in Wales and the West Country according to facebook ads' and the measurable: ' 57 food magazines and newspapers featured cheese articles last year'.
2. Are you able to describe your idea in terms of the four Fs:
- Form: what it does
-Function: how it works
-Fantasies: what does it help people imagine
-Feelings: how it makes people feel
3. Can you get good critical constructive feedback for your idea? And not just from family and friends..
Because the problem with family and friends is that they may not truly want your idea to succeed, in case you're around less to make their tea... or unconsciously they may resent you striking out armed with idea in bold fashion...
Find someone you admire who is expert in your area or who is successful in a related field and ask them for feedback. Many important and successful people love being asked for their opinion, to talk about what they know and give advice. Start off hunting on Twitter or Linked In.
4. Unless you are certain you are the next Steve Jobs, do not pursue your idea if no one seems to be successful with something similar. There may just not be a market for people who want blocks of cheese that look like chocolate.
5. Prototype your idea as soon as you can to see how people react. Run sampling sessions, tester workshops, rent a part of stall at a farmer's market with a few blocks of that chococheese to test reactions. Facebook advertising can be cheap and you can target potentially interested people quite precisely.
If no one is biting... well, you're creative aren't you? Am sure there are other ideas germinating in that fertile mind of yours...
GOOD LUCK!!! More stories