Six Ways
to Test Your Business Idea
by Terri Lonier
All that's necessary for entrepreneurial success is a good idea,
right? That's a common belief, but the idea is only the first
step. The idea is the spark that lights the fire. But just as
a fire won't burn in a vacuum, your business can't survive without
customers. To make sure customers will be as excited about your
business are you are, hit the books, the streets, and the stores
to examine the market you're about to enter.
1. Keep those fingers walking.
Look in the Yellow Pages, other business directories and newspaper
ads for businesses similar to yours. This shows you how much
competition there is, which is a good measurement of demand.
Note: having no competition can be even more harmful than having
too much, as it may mean that there's no market for your business.
2. Follow the leaders.
Read books written by people who have a talent for predicting
the next hot trend. Alvin Toffler, John Naisbitt, Faith Popcorn,
and Daniel Burrus are examples of authors who've built careers
around predicting what consumers will buy and how people will
live in the future. Read their work to assure your business's
viability now and later.
3. You'd better shop around.
Visit bookstores, department stores and even grocery stores
to see what people buy. The items on the shelf have been researched
by big corporations who've spent thousands of dollars. Use what
they've learned. Look for new products, trends and marketing
to see how customers in your area of interest spend money.
4. Read the fine print.
Small business is big news these days. Read magazine and newspaper
articles for trends in business or ideas for how to run yours.
Keep an open mind; everything you encounter can influence and
improve your business.
5. Make noise at the library.
Librarians are excellent sources of information. They can help
you find a variety of business and career resources, including
research studies, directories and computerized databases. Don't
be shy about asking them for help. Another good method is to
contact the organization or individual who conducted the research
study and ask for a copy. Some reports are proprietary and expensive,
but it's worth a call to ask.
6. Keep your ears -- and your mind
-- open.
Solicit feedback from others about your ideas. Chat with friends
or colleagues over coffee. Send out questionnaires. Your ideas
will be safe -- you're the one who's taking the action, who
has the drive to realize the dream. You may hear some negative
feedback, but an open mind will allow you to learn a great deal
and maybe even to eliminate potential problems.
It can be difficult to get excited about homework. It's always
less interesting than the idea. If the idea is good, though,
it should have enough energy to carry you through the less dramatic
parts of starting a business. With hard work, a little luck
and thorough research, you can use the spark of your good ideas
to create entrepreneurial fireworks.
Copyright 1997-2008 Terri Lonier.
All rights reserved.
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