Will Your Business Idea Fly?

I've read an interesting article in WSJ about what you need to do to make sure your great business idea is worth the risk. It all boils down to doi...

 


I’ve read an interesting article in WSJ about what you need to do to make sure your great business idea is worth the risk. It all boils down to doing your homework and getting real feedbacks from your target customers. The following are the interesting points of this article:

If you’re financially motivated to launch a business, you may be tempted to simply jump in. But experts strongly recommend first taking the time to do some research to determine if your venture has legs to stand on. Otherwise, you could end up in worse economic shape.

One way to explore a business idea’s feasibility is to solicit the opinions and advice of experienced professionals in your target industry, even prospective competitors. Mr. Zacharakis recommends starting at trade shows, seminars and other business events if you don’t have specific contacts in mind. Ask people what they like and don’t like about your planned venture, if they foresee any obstacles to building it, and what suggestions they might have.

Also go directly to your target market and ask about their interest in your product or service and how much they’d consider paying for it, Mr. Zacharakis says. If you plan to sell a product or service to pet owners, for example, you could canvass dog parks, groomers and veterinarians’ offices.

Low-cost services like SurveyMonkey.com and Zoomerang.com let you compile a survey online. In general, you pose a question and select answer options, such as multiple choice or fill-in-the-blank. Then you receive a Web link that you can post to your Facebook page, Twitter feed, personal blog or other website.