Written by: Oriel Ross McKinney, Senior Level Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
There's no denying that starting a new business is an exhilarating experience. However, it pays to temper your excitement with a little practicality. You may believe your concept is excellent as is, but it's a good idea to put it to the test before investing time and money into a business or product that won't sell. So, before you launch your business, follow these five best practices to ensure that your idea is something that the world wants.
1. Define and Build your Business Model
Before you try selling your product or service, it's important that you have something solid in place that will bring people back for more. That means you need to define your business model, target customers, the way you will promote it, and the price that customers are willing to pay. Your business model is the solid foundation on which you'll build your enterprise. Once you have a strong, working business model, the chances of sustaining a successful business increase exponentially.
2. Know Who You're Selling To
You should know every detail about who you are selling to, to refine your product or service so that it delivers results for those customers.
It's not enough to try and sell your product or service to everyone. You have to narrow down who you are selling it to so that you can hone in on the most important qualities of your target market, which will include things like age, gender, location, income level, and whether or not they have children. The better you understand these key demographics, the easier it will be to determine which features and benefits of your product or service are most important and how to best market them.
3. Test Before You Invest
Before you start your business (or even before you have a viable product or service), build an online landing page that describes what you're selling – include a few photos and a video, if possible. Then, ask your contacts to share it with their social networks and ask them to pass it on to people they know who might be interested in your product or service. This will provide you with important feedback about whether or not there is a viable target market for your idea. This way, you can make corrections before investing your time and money.
4. Know the Competition
Before you launch your business, you should know all there is to know about your competition. You have to assess their strengths and weaknesses so that you can establish a strong position for yourself in the marketplace. By doing this, you can create a competitive advantage for yourself.
5. Establish Your Vision and Prepare for Launch
After testing your business model, you need to establish a clear vision for yourself that will help you stay on track for success. You also need to prepare yourself with a strong mental approach that will allow you to stay motivated and level-headed, especially during tough times. Finally, make sure you have a solid business plan in place that will lay out all your long-term goals for success.
6. Hire a Great Business Coach or Consultant
Just like any high performing position, a good Business Development Pro will have the experience to be an asset to you and your team. They are also willing to share this experience to help you cut through minutia as well as larger issues. They will be accessible and hold you accountable for your goals. Take your time to evaluate this partnership.
Final Thoughts on Assessing and Testing Your Business Idea
Once you have followed these tips to assess and test your new business idea, it's time to bring it into the world! While things may not always go as planned, your hard work and dedication will pay off in the end. Remember, perseverance is the single most important quality an entrepreneur can have.
Enroll in the highly sought CEO Cohort F.U.E.L Leaders Tune Up course to help you flesh out your business ideas.
Oriel Ross McKinney, Senior Level Executive Contributor Brainz Magazine
Oriel Ross McKinney is a renowned Business Strategist, Author, and Speaker. Known as The Small Biz Engine®, her experience includes a successful 20-year tenure in Business Strategy and Development, Finance, Non-Profit Management, and Entrepreneurship.
As the mastermind behind several success stories, brands, and businesses, she methodically assesses her projects and delivers profit-driven strategies again and again. Oriel hones in on business & socially conscious topics while unveiling success in a brilliant way. For those looking to transition from corporate workplaces to entrepreneurship, read her anchor chapter in the anthology, Soaring Beyond the 9 to 5, or tap into one of her signature F.U.E.L.® Academy courses.
On a personal level, Oriel's biggest challenge and gift are being a mom to two children who were born prematurely. In her spare time, she supports preemie babies and their families in any way she can. Her motto is “You’re your greatest asset; invest in yourself.”
