They spend priceless time and money building websites and marketing products that nobody is looking for.
How and why does it happen?I believe deep down most business people (especially the new ones) are massive optimists.
This positive thinking drives us to start new businesses, but it also can set us down the path to failure.
And because we believe so strongly we skip the important research that will validate our bold and (potentially expensive) ideas.It doesn't have to be that way — with a little research, entrepreneurs can save themselves blood, sweat and tears.So how do you do 'that' research?
Well, here's two simple (and free) tools you can use to validate your current ideas and find new ones.
Both tools serve one purpose — to check wether a market actually exists for your clothing and products.
Specialism and diversification.Both are attractive strategies.
Specialisation requires that you sell one or two products.Let's look at a couple of the brands who've specialised.Google.
We'll at least in the beginning, anyway.
And we all know that 'Googling' something means, it means searching the internet — and it's this specialist area which has driven the business to fame and fortune.Dyson.
That's right, the company that makes high-tech vacuum cleaners — people recognise the brand for its superior product.
When it comes to purchasing time, you can be sure that the Dyson name will spring to mind.Here's three good reasons to specialise your start-up:1) Company value.
Ready to invest in your next big idea?Think this one's a winner?It might me.But, what if it's not.
What if you're going to pour thousands of hours and loads-of-money in to a project that's going to fail.A project that's doomed to fail from the beginning.Wouldn't it be better to know that before you spent any money.
Before you spent sleepless night and untold energy trying to fix.Well you can.By doing some simple market tests, you can work out if a project has a chance of success before going all-in.Here's three market tests to get you started.1) Facebook leads advertThese don't require a landing page or website, you can collect customers details from inside Facebook.
It's a solid way to test any value proposition.2) Pop-up Market stallRather than setup a complete store (on or offline), why not create a limited run of your products and try and shift your goods in a Pop-up — you're also saving yourself from expensive long term rental contracts.3) Crowdfunding CampaignThis is a twofer.
Firstly, it's an opportunity to raise money for your business and derisk your personal investment.
Secondly, it's a great way of seeing if people are willing to buy-in-to your idea!
Specialism and diversification.Both are attractive strategies.
Specialisation requires that you sell one or two products.Let's look at a couple of the brands who've specialised.Google.
We'll at least in the beginning, anyway.
And we all know that 'Googling' something means, it means searching the internet — and it's this specialist area which has driven the business to fame and fortune.Dyson.
That's right, the company that makes high-tech vacuum cleaners — people recognise the brand for its superior product.
When it comes to purchasing time, you can be sure that the Dyson name will spring to mind.Here's three good reasons to specialise your start-up:1) Company value.
Ready to invest in your next big idea?Think this one's a winner?It might me.But, what if it's not.
What if you're going to pour thousands of hours and loads-of-money in to a project that's going to fail.A project that's doomed to fail from the beginning.Wouldn't it be better to know that before you spent any money.
Before you spent sleepless night and untold energy trying to fix.Well you can.By doing some simple market tests, you can work out if a project has a chance of success before going all-in.Here's three market tests to get you started.1) Facebook leads advertThese don't require a landing page or website, you can collect customers details from inside Facebook.
It's a solid way to test any value proposition.2) Pop-up Market stallRather than setup a complete store (on or offline), why not create a limited run of your products and try and shift your goods in a Pop-up — you're also saving yourself from expensive long term rental contracts.3) Crowdfunding CampaignThis is a twofer.
Firstly, it's an opportunity to raise money for your business and derisk your personal investment.
Secondly, it's a great way of seeing if people are willing to buy-in-to your idea!
They spend priceless time and money building websites and marketing products that nobody is looking for.
How and why does it happen?I believe deep down most business people (especially the new ones) are massive optimists.
This positive thinking drives us to start new businesses, but it also can set us down the path to failure.
And because we believe so strongly we skip the important research that will validate our bold and (potentially expensive) ideas.It doesn't have to be that way — with a little research, entrepreneurs can save themselves blood, sweat and tears.So how do you do 'that' research?
Well, here's two simple (and free) tools you can use to validate your current ideas and find new ones.
Both tools serve one purpose — to check wether a market actually exists for your clothing and products.