Questions

The main question to be asking yourself is this a product or service that people really want or need. I have been working with my own businesses and startups for over 20 years and I can tell you that on the surface sometimes a business seems like a good idea when it is not.
However, if you feel like it is a good idea, it has a high probability of success. That is if you understand a few basic business principles.
First, make sure there is a true need or demand for your product or service. Never try to create this need or demand unless you have as much money as Amazon.
Secondly, how many units of your product or service would you have to sell to return your total investment do not include any other costs in this initial calculation.
Next how long do you estimate it will take to sell enough units in order to return your initial investment.
Now if you got luck and sold twice as many of your units in the amount of time you calculated would it be a profitable use of you time and money?
This is a simplification of how I work this formula, but the point is to make sure that if everything goes perfectly that it still would be worth investing your time and money in the venture.

To Find Out If There Is A Demand
My suggestion is to first get a conversation started regarding your product then make sure that you are offering specifically what the market demands. You can do this be participating in LinkedIn groups, etc.
Make adjustments to the product or service to meet the real demand.
Don't Stop and Take Massive Action.
Regards,
Michael T. Irvin
www.michaelirvin.net
My books are now available on Amazon.com by searching for books by Michael T. Irvin


Answered 7 years ago

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