In 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”