Avoid Dead End Business Ideas
Learning how to spot dead-end business ideas is essential if you want to make more profit faster in being an entrepreneur. You should also distinguish the ideas that you should say no to and those which you can pursue and focus on especially when the ideas arose right from the inside of your head. You may tend to be protective of your ideas since you may feel like a mother to them, but in order to create something profitable, you need to learn how to be more objective.
It is then a must that you master a process wherein your opinion is completely out of the equation. A fast and simple system is what you need in discovering the opinion of your market, the only opinion that will matter and will determine if you go penniless or get rich.
The same process can also be used by successful business owners who are thinking of venturing into a new product, a relaunch, or a new business idea.
Begin with the pitch.
You need to start crafting your pitch before you disburse a single dollar or spend a single minute creating and developing your product or service. Search for people in your market and have a two-minute chat with them. As you converse, pitch them your business as if it is already operating. Though you can also tell them that this is only a hypothetical scenario.
It is but vital that you begin with the pitch since your pitch is more important than the product or service itself and it can change and develop with practice.
To have a better understanding of the first reason, you need to know that your pitch is the core of your entire sales and promotion strategy. A strong pitch will lead your business to success. On the other hand, a weak pitch will make your business fail. It’s as simple as that.
When delivering your speech, you should not worry about what will be the response of the people. But you have to watch out for their body language. You want to see interest and excitement through their reactions such as when their eyes light up, when they sit up straight with attention, or when they breathe speedily because of delight.
If your audience does not respond to your pitch physically, you have more work to do than what you initially intended. It could be because your prospective product or service idea is a bit bland, or your storytelling ineffective.
That’s when the second reason why you need to begin with the pitch enters the picture. As you listen carefully to your audience’ verbal and physical response, you can develop and adjust your pitch accordingly as you share them with other people. You can add more exciting features and remove underwhelming ones.
It will still be beneficial since you haven’t spent a penny nor invested a lot of your time yet. In the end, you will have a better product or service than projecting and creating it alone.
Produce a minimum feasible product or service and sell it.
Once you have your pitch, you need to work backward to produce your product or service. But don’t go all in yet since you are not going to produce the best and most innovative version of it yet.
Instead, what you are going to do is produce a Minimal Viable Product, the cheapest version of your product or service that you can produce right at the moment but still gives the major benefits that you pledged in your pitch. To reiterate, you don’t have to deliver the biggest and baddest version yet, you just need to show that your idea works.
For example, if you want to develop a coaching business for the small-scale enterprises where you help the owners grow their businesses. You could create an e-book as your Minimum Viable Product where you discuss your expert process for finding and developing market shares.
Upon creating your Minimum Viable Product, start right away to sell it. Don’t think of it as part of your revenue but of your research materials that can provide you with essential information on how you will sell your product or service. You will learn about your fundamental needs and it can also trigger your market. Such knowledge can empower you to create a profit-earning and scalable business.
Another advantage of creating a Minimum Viable Product is you can end up changing and making your product better. You should look out for opportunities to make little and cheap changes that will produce a better outcome or experience for your customers.
Are you ready to bleed for this?
Before committing yourself to a new venture, you need to have an understanding that it will not be easy. Things will not go as planned or your employees will not always follow what you say. There could also be problems with your suppliers or distributors or with the platforms where you sell your product or service.
You shouldn’t be discouraged by this fact, instead, you need to keep this in mind in order to protect and ensure the success of your business in the future. If you think promoting and offering your idea to the market is easy, you will be very disappointed when you step on the real world.
So it will be best if you ask yourself this: Am I absolutely certain about my business idea and am I willing to do take the hardest way in order to succeed? If you want to be an entrepreneur, you need to get ready for war. The competitions that you will encounter are very challenging. It can either be a competition within your market, competition from other markets, and competition against the mediocrity temptations. For you to win, you should have the confidence, courage, and clear vision of winning.
To tell you the truth, the above process will help you save thousands of money and a lot of time, but you still need to remember that the real deal is with your leadership and vision. If you lead and visualize effectively, you can still succeed after encountering countless mistakes since you know how to learn from your mistakes and keep moving forward. So start figuring out why your business idea is important to you, then totally commit yourself and begin acting on it.