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Is Your New Business Viable?

August 9, 2018 by OSYB Staff

You have a great idea for a service or a product and you are determined to be a success.  You decide you want to be a small business owner, quit your job and be your  own boss.  But, does your business plan really have what it takes?  Intuit QuickBooks shares 5 things you need to do before you make that giant leap of faith and start your own business:

  1. Immerse yourself in existing marketing research in your field or industry.  You need to know as much as possible about your industry’s marketing trends, demographics, past, current and future industry projections, your competitors, etc.
  2. Design a survey with the goal of getting to know your target market and finding out if your business plan is viable.
  3. Create a coming soon page that shares an appeaing outline of  your future plan and make sure that interested parties will fill out an email capture form, so they can receive your exciting updates and follow your progress while you build a client list.
  4. Organize an informal focus group of your target clients to find out more about them, ask them what they think of their product or service, and how they will use it and how often.
  5. Solicit honest feedback and be prepared for suggestions and criticism.  Growth sometimes comes with painful moments but the benefits of learning more about your target market and your product or service outweigh the uncomfortable moments.

Validating your business plan and allowing you to assess your viability is an important first step to take before you invest precious time and vast financial resources.  Keep this part of your business plan simple and cost-efficient.

For more information:  5 ways to Validate a Business Idea

Image Credit:  Deposit Photos