Congratulations my fellow entrepreneur on your new business idea! Let’s work on turning it into a successful business.
Your number one question should be “would people buy my product?” The number one reason I see businesses fail is that the products or services they sell don’t have a market interested in them that is wide enough to sustain that business. I’m sorry but your business idea isn’t good if you or your mommy likes it….
Market Testing is Key
Creating a MPV (minimum viable product) is the best way to test your business idea. This product has just enough features to be useable by your target market. You can keep this version simple, no need for fancy packaging or branding. They key is to get feedback from real customers. Do they want to repurchase? If yes then you have a potential hit on your hand. Listen to their feedback and improve.
I want to finish this article by saying they key to remain in business is to treat every version of the product or service as a test. Continue to listen to customer feedback and continue to improve what you do. Remember the market is constantly changing. Remaining in business is as simple as finding what customers want to buy and sell that to them.