Put your idea to the test before you invest

IMG-20150105-00181 IMG-20141230-00151In these times when two incomes don’t always cover your monthly living expenses, more people with an entrepreneurial flair are starting new products and services and other income-generating activities.

But here’s the thing: you need to know whether there is demand for your product or service before you start investing money in it. It also not advisable to give up your day job, your main source of income, because it’s much harder to get a new product or service off the ground than most people think.

So what you do? Have you tried out something like this before? What have you found to be the best way?

Any sort of start-up needs to prove its business model. In fact, a successful entrepreneur and entrepreneurial coach said that a start-up is really a business in search of a viable, sustainable business model. It may take you one year to establish the success of your start-up or even longer. During this time you would need to perhaps change direction from your original approach as you try to seek demand for your product service in the marketplace. Continue reading “Put your idea to the test before you invest”

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”

How do you turn your idea into a product (without investing heavily in costly production)?

A real model of the Stanford dragon created wh...
A real model of the Stanford dragon created whith rapid prototyping. Note: This photo depicts a reproduction of the Stanford Dragon. The original work is under noncommercial license. (Photo credit: Wikipedia)

Before you go into any full-scale manufacturing you’d better have some way of knowing whether your product will succeed or will be a complete failure.

For simple product such as food lines, informational products and craft items it’s relatively easy to knock up a quick and cheap sample or prototype. You can show it to prospective customers and get their comments or response.

You can test a service concept setting up your trial service and getting prospects to give it a try. An online tax or legal service could be set up online in a basic form. Prospects can use the service even at no charge so you can obtain their feedback. Continue reading “How do you turn your idea into a product (without investing heavily in costly production)?”

Turning an idea into a product can be risky if you don’t know what you are doing

flatecover 3The new product development process is something that even the very largest of companies often don’t get right. They can afford to lose money especially in the early stages because they are taking bets on various products and services.

For a start-up or small business which wants to develop a new product or service a similar complex process will be faced. If it’s something simple that you are developing such as scented candles or low-sugar jam, you’ll have a relatively easy product development process ahead of you. But if it’s something that is more complex such as a special furniture items, software or food products for grocery stores, you will need to follow a more formal process for product development. Continue reading “Turning an idea into a product can be risky if you don’t know what you are doing”

Give magical power to your business idea with this tool

binderlayingopenHow fortunate was King Arthur to process the legendary Excalibur sword attributed with magical powers to perform his gallant and noble work.

Arthur obtained the throne by pulling the sword from a stone, one legend goes. In another version, Arthur was given the Excalibur by the Lady of the Lake.

The Excalibur was no ordinary sword. In one tale the sword is said to have a design of two chimeras on the golden hilt. When the sword was unsheathed what was seen from the mouths of the two chimeras was “like two flames of fire, so dreadful that it was not easy for anyone to look at”.

Many an entrepreneur would gladly give a king’s ransom for a tool that could give their new business ideas magical powers in the marketplace. Continue reading “Give magical power to your business idea with this tool”

Does your idea have one of these 12 mistakes?

binderlayingopenWill my idea fly?

How often have you said that to yourself?

When you come up with a new business idea you have no way of knowing whether it will be a winner or whether it will flop.

You’ll only know three months, six months, maybe a year down the line…

… after you’ve spent your hard earned savings investing in your new product or service, trying to get it off the ground. Continue reading “Does your idea have one of these 12 mistakes?”