Testing Your Business Idea
Wouldn’t it be wonderful to know the chances of success for a new project, product, or service BEFORE you get in too deeply?
Small business owners often create products and services, then throw every selling technique conceivable at them. This is the exact opposite of the approach you should be following when developing new products and services.
Determine the need first, then build your offer around that need. It’s much easier to sell something when your product or service is in high demand.
In this article you will learn the exact steps to follow for determining if your product or service idea is one worth pursuing. You will learn how to use tools available online and how to analyze the results of those tools.
Why Aren’t More Companies Doing This?
The simple answer is that many businesses operating today are small businesses who have no formal training in the evaluation and comparison of projects. Large corporations use finance experts with advanced degrees to perform complex calculations and report the results to management.
When department managers receive the results, they are responsible for interpreting them, yet do not possess the skills required to understand the analysis provided. This can explain why some projects in corporations are not successful.
Who Is This Course for?
This course is geared towards small business owners, entrepreneurs, start-ups, service providers. It’s for anyone who wants a simple process for evaluating a potential project before sinking in money and time. It is for people who want an edge in the market. You will learn how to focus on the opportunities that have the highest chance of succeeding, as well as when to discard ideas.
The information provided does not contain complicated math equations and you won't find theoretical treatises on the time value of money. You will learn useful techniques that you can apply to your projects.
Can This Be Used for Digital Products?
You can apply these techniques to any product or service where people are looking for solutions. This makes them well suited for digital or information products, as well as professional services. The techniques are similar, with differences noted within the procedures.
What Does This Course Cover?
This course describes techniques that help you analyze your projects or services and covers the factors to make better decisions about which projects to develop. This is not an exact science and you still need to make some judgment calls. No tool exists that can tell you with 100% certainty whether a project will work or not.
You will learn about some great tools to use during each of the steps along with guidelines on deciding whether or not to move forward. It makes no sense to put in all of the work if one of the steps signals you to abandon ship.
The 4 steps you’ll be going through are:
Step 1 - Evaluate Market Profitability Potential
Step 2 – Determine Consumer Demand
Step 3 – Assess Longevity Potential
Step 4 – Determine Your Competitive Potential
As you can see, you’ll be doing a lot of evaluation and asking some difficult questions. However, these are essential steps to take before investing a lot of time and money into something new. Do the groundwork now and you’ll already know if you can succeed at your new venture.
Action Steps:
1. Make a list of potential projects you are thinking of pursuing, whether they are products or services.
2. Identify one project that you will evaluate using the 4-step process. Keep your list handy in case that first project doesn’t pass the tests.
Let's get it Game Changers!
~ The Game Changer Team
