How do I know my idea will work?

Ah, yes. The million-dollar question: What do my customers WANT?

When starting a business, you might have an ideology to create something out of your passion. You love baking so you started selling cakes. You enjoy dancing so you become a Zumba instructor.

How amazing is it to earn and still do the thing that you love, right?

However, you might be just earning pennies from these hobbies. Your clients are just family, friends and neighbors. Besides, by just plainly selling your skills and talents, you’re trading your time with money. How many cookies can you bake in a day without feeling exhausted? How many events can you host in a month without feeling burnt out? With this business model, earning more means working harder. This is not sustainable and doesn’t actually help with your ‘FREEDOM’ strategy.

“But Lyn Joy, I don’t want to sell milk tea just because it’s the craze now.”
I agree. Totally agree. Don’t just start a business because everybody is doing it. Instead, you have to find that sweet spot where your talent/skills + passion/interests + experience/achievements intersect. Read more here.

How do you know if your idea will work?

Entrepreneurs have been asking this question since the beginning of time. And the answer….

¯\_(ツ)_/¯

No one knows.

Not helpful, noh? Because you know, people are mysterious. How can you know what they want if they don’t even know what they want. But is that true? Can you not really figure out what they want?

But wait, why are we even asking what they want? I’m supposed to start a business based on what my passion and skills, right?”

Well, partially correct. I’m all about doing what you love and earning from it. However, be aware that in finding the right business idea, it shouldn’t revolve about you. Entrepreneurs can be egotistical and think they’re right (and they might be right), but it doesn’t matter if you invented a product that can make someone memorize the dictionary in 1 hour because if you can’t make a sell, it’s just called a hobby.

  1. Ask your customer what they want.

You love eating healthy, and you manage to lose 100 pounds by exercising and being mindful of what you put inside your body.

As a result, your cholesterol level went down, your blood sugar stabilizes and best of all, you look and feel a-ma-zing!!! After going through this journey for 2 years, you’re ready to start helping others. You have the credibility to talk about weight-loss because of your experience.

You then started a website and offer weight-loss coaching program telling your potential customers that they need to change their mindset to see incredible results. That they need first to work on their confidence and belief in themselves. You preach, you share your story, you give testimonials.

After a few weeks… crickets. No one is paying attention.

You see, you and I know that mindset is very important. Heck, for sure your customers know that as well. But they don’t want to hear that! What they want is a food or exercise hack to lose their excess weight now, as in now.

Although you know that going into a fad diet is not a long-term plan but remember, you have to listen to what your customer wants. Of course, later on, when they are already committed to your diet-plan, they will realize that it’s their lifestyle that needs to change and soon they’ll change their attitude towards exercise and food.

Before you start anything in your business, ask your ideal customers. Remember, it’s not what you want.

2. Know your competition.

As much as you want to believe that your offer is unique, it’s not. Somewhere out there, the same product or service exists. You will need to know them and study them.

The purpose is not to beat them nor copy how they do things. Rather, just observing how you can be different with your competitors and making sure you are serving your ideal customers.

I do have a nail salon. My nail salon is more expensive than other neighborhood salons in our area. There is always a pressure to lower our price to match our competitors. I disagree.

When I was doing my market research, I know that my community lacks a luxurious, affordable, and chic nail salon. SLIAN NAILS offers that service. My customers are women and men who value sanitation and quality with a good price point. I never dream to be the cheapest to draw the attention of the masses. And I’m confident that SLIAN NAILS offers value-for-money compared to the other nail salons in the market.

Know your competitors. Understand their good practices and modify them to fit your business model and business personality. You don’t always need to reinvent the wheel.

3. Launch

And how do you actually know if your idea will work? Just LAUNCH.

Business plans, ROI planning, market research – all these are just works of fiction. Will your business idea work? Hell, who knows unless you try! Launching it and going deep into the process, you’ll learn soon and fast if it’s working or not.

Sure, doing all the preparations to minimize your risks are good practices. But reality is, unless you hire experts with experience and business acumen (which would cost you an arm and leg unless the expert is your mama), waiting to be perfect and ready is futile.

If your business is perfect, you probably launch it too late.

– Lyn Joy Talag-Cruz
Live The Life and Business You Have Imagined!

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[…] you read my earlier post, I mentioned ways on how you can validate your business idea. Assuming you’ve done this task, […]