You may never know what results come from your action but if you do nothing there will be no result. – Mohandas Kanamchand Ghandi
Welcome to Day 3 of the 20-Day Business Startup Challenge! Today we’re going to test your business idea with business research. Is your idea viable? Will it fly? We’ll find out in today’s challenge.
The first step is business research. If you try to skip this step, you may waste crazy amounts of time and money heading in the wrong direction.
Before we get started, here are a few ground rules for your new business idea:
- Do not pick an idea solely because you think it will make you rich. This is the worst possible start to your business. In reality, your income relates to how well you serve others. If you find ways to help people, the money will eventually follow.
- Notice I said “eventually” follow? You need to know; you will not get rich quick. It’s going to take a lot of hard work and perseverance. Because of this, you’ll want to choose something you are passionate about. Also, keep your vision (from Day 1) someplace close. When you feel discouraged, spend some time with your vision.
- You are not perfect, and you will make mistakes. Don’t wait until things are perfect to start your 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 having a focus, doing one thing well then moving on and doing the next thing well. You will end up with a well-built business when you give your all to each step.
- Don’t try to be all things to all people. The key here is niche, niche, niche! You can’t help everyone. You want to focus on serving the person that is intensely interested in what you are offering. Don’t waste time with too broad of a reach. The key is a focus here as well.
- 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.