Questions

How do you know a business idea can get off the ground? You have a product, you validated some people want it, when do you decide to fully pursue it?

3answers

A whole lot more data is needed before anyone can answer this question.

"Some people want it"...have you identified a target market? Are there similarities in these people? How many? Did they tell you what they'd pay for it? Why didn't they pay you for it already (before you wonder about this, people do it all the time: it's called Kickstart)? Do you know how to reach these people?

What are your costs? Can you charge a price that gives you a profit? Will people pay it?

Have you locked in a steady source of supply (manufacturing) for your product? Do you have a backup manufacturer in case this one flakes out or implodes?

Do you have a sales team? How are you going to reach the market and generate revenue? Do you have the budget to do so?

Do you have the cash to fund the startup? Can you replace your own income safely to "fully pursue it"?

I recommend you get the Amazon/Kindle book "How To Quit Working" by Jeff Steinmann. It will give you the roadmap on how to make this transition, and is the #1 business book I have found.


Answered 6 years ago

When you can raise money for it. Otherwise it will always be an expensive hobby.

Boot strapped my company for 4 years.


Answered 6 years ago

Fully pursuing a business idea doesn't necessarily mean you have to go "all in". Depending on what this business idea is, it doesn't have to be an all or nothing proposition. This is where scaling your business comes in. You already know it is validated and people want it. Service THOSE people for a time. Make it easy for them to be advocates for you and your product/service. As the business grows, and if you have a way to hire more people to build and provide the product or service, you should quickly be able to get an idea when you should go "all in." Most of all, build systems to support the business and document processes and procedures. This way you can quickly bring new employees and customers on board without skipping a beat.

Call me to talk more about this. I'd love to learn more about your business idea.


Answered 6 years ago

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