How to restart from scratch in 30 days

It’s amazing, isn’t it? That some people make claims like this. What am I talking about? I’m talking about the so-called gurus who claim that you can make a new start in only 30 days.

Photograph by Chesney Bradshaw

Really! How feasible is this?

Well, I suppose it depends.

Some entrepreneurs may be able to get going within 30 days but would they be able to start producing income in 30 days?

There is a huge difference.

Think about this for a moment: how much investment is required to find a new location for a store? Build an online store? Then, how much capital is required to stock it? What about the rental? It’s unlikely that the entrepreneur will obtain an open-ended rental agreement from a landlord.

Wouldn’t you argree?

Yes, so it may be possible to restart quickly.

But the real question to ask is: How long do you need to trade before you can start producing income?

That depends on the nature of your start-up business, whether you are going to trade in fast moving consumer goods, or online or consult on and execute projects.

It means that you need to pay attention to carefully working out capital outlays, cash outflows and inflows, before you pull the trigger to start your business.

Remember this — it always costs twice as much as you think to start up and takes three times as long to get going than you originally thought.

Dumb ways to test your new product or service – avoid them

(Copyright © 2015 by Chesney Bradshaw, all rights reserved)
(Copyright © 2015 by Chesney Bradshaw, all rights reserved)

When you start out with a new product or service, you are starting from scratch. How do you find out whether your product has any chance of success? Will potential customers want your service?

Market testing involves taking your product or service and testing it on a small scale. The more honest and direct feedback that you can get from potential customers, the better. As one small business adviser said, testing your market acts as a bridge between having the big idea and launching a full-scale business. It provides useful, possibly essential feedback but the only downside is that it can reveal your hand to a competitor. Continue reading “Dumb ways to test your new product or service – avoid them”

Test before you invest – practical ways to test the market

The largemouth yellowfish or Vaal-Orange largemouth yellowfish (Labeobarbus kimberleyensis) is a ray-finned fish species in the family Cyprinidae.

An entrepreneur had developed a sunglasses holder for cars, manufactured several hundred products and secured placement in discount pharmacy stores as an impulse item near the checkouts. He got one sale in three months.

Your new idea for a product or service could turn into a nightmare if you fall in love with your fabulous dream idea and don’t test it beforehand in the marketplace. The most visible product failures are those involving physical product. Bedrooms, garages, studies and sheds can stay filled up with unsold product if you don’t do your homework. But the same applies to entrepreneurs who come up with smart phone apps – the only thing is you don’t get to see unused or unsold product. You won’t find a pile of unsold inventory for a new service because only the business owner will know how well his or her service is performing. Continue reading “Test before you invest – practical ways to test the market”

A start-up owner’s nightmare – a garage full of unsold product

IMG00030-20101222-1953I was listening to an entrepreneur the other day who was in the process of coming up with new ideas for a clothing product. Would-be entrepreneurs get caught up in fantasies that their product or service is going to be converted into a dream profitable business. She spoke about what pattern design she would use, the fabulous textiles she will require and the modern designs that would knock the socks off potential customers. But when she started thinking through a plan she realised that estimating demand for her product would be crucial. Suddenly, she became gripped with fear as she realised that she could end up with a garage full of unsold smart casual wear. Continue reading “A start-up owner’s nightmare – a garage full of unsold product”

The secret lies in your wallet

myLIFTER is a garage pulley system that raises and lowers objects through the use of a mobile device.

Entrepreneurs have come up with a new product called myLIFTER, a smart variation of the garage pulley system that raises and lowers objects through the use of a mobile device.

The entrepreneurs needed to raise $50,000 through their Kickstarter campaign. Only after a few days they had already been 165% funded with $82,698 pledged for the new product idea. The originators of the new product said that they needed the funding as an indication of the orders required to manufacture at a competitive price level. Continue reading “The secret lies in your wallet”

How to market test your product at low-cost

George opens in Johannesburg
George opens in Johannesburg

My daughter wanted a shoulder bag to take with her on an upcoming holiday and we went to the new George clothing store in the Cresta Shopping Centre, Northcliffe, Johannesburg.

We weren’t in the shop for more than five minutes when my daughter found exactly what she was looking for and better quality than she would have found in similar priced local clothing stores.

What interested me is the temporary format of this clothing store to test the local market. George, which is owned by Asda, a subsidiary of Walmart in the UK, has been brought out to South Africa by Massmart (owned now by Walmart). Continue reading “How to market test your product at low-cost”