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Before your business can Taykoff, you must first make sure it can fly.
If we were talking about real airplanes, you would want to ensure the plane was airworthy before you took off. If you didn’t, there could be a fiery crash in your future.
Building a business is the same. You want to take care of your business research to make sure your idea can fly before you try to Taykoff.
Research is the step that helps you test your business idea to make sure it can fly. Though no research can guarantee business success, it can at least give you the knowledge you need to head in the right direction.
Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals. – David Ogilvy
Before we get started on business research, here are a few ground rules to keep in mind:
- Do not pick an idea because you think it will make you rich. This is the worst possible way to start your business. If your business is based on the almighty dollar, it won’t hold up when times get rough. In reality, “your income will be directly related to how well you serve others” – Pat Flynn, Smart Passive Income. If you find ways to help people, the money will follow.
- You are not perfect, and you will make mistakes. Don’t wait until you think everything is perfect to start building your own business – take action now. You will mess up, but you’ll learn from your mistakes and get stronger.
- Don’t rush! Speed only counts when you are running in the right direction. Take your time and do your homework, it’s not a race it’s a marathon.
- Focus on one thing at a time. Don’t try to do everything all at once, you will spread yourself too thin and won’t be effective at anything. The key is focus, doing one thing extremely well then moving on and doing the next thing extremely well. In the end, you will have a well made, solid business.
Here are the 5 business research steps I recommend:
1. Buy and read the book Will It Fly? By Pat Flynn. This book guides you step-by-step through researching your idea to see if it will fly. It will also help you fine-tune your idea and help you create a more solid foundation to build on.
2. Buy and read the book The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller and Jay Papasan. This book helps emphasize the importance of focus. People without a focus are too scattered in their efforts and less effective at building their business.
3. Get feedback on your idea with these tools:
- Foundersuite.com. Provide your business idea and get feedback from potential customers and advisors.
- Quirky.com. Submit product ideas to a community that provides feedback.
- Unassumer.com. Allows you to test your ideas and assumptions about what people want.
- AskYourTargetMarket. Allows you to setup surveys that reach a particular target market.
- Google Trends. Allows you to enter a search name and see if it’s trending upwards or downwards.
- Facebook Groups. Join groups in your industry and where your ideal clients hang out. You are not trying to sell them anything, only asking for feedback on your idea.
4. Talk to people who already have a business in your industry. Ask them what they would do differently if they started over. Find out what they like and don’t like about the industry. Ask how long it took them to build the business. Some may be stingy with the info, but you’d be surprised how many will want to share their experiences.
That’s it! It’s fairly simple, but vital to starting a successful business. Don’t skip this step and don’t cut it short. You’ll be happy that you saw it through.
Let me know how this step goes for you. What did you discover in your research? What questions did it bring up? Please post your experience and questions in the comments below.