Don’t Dive Into Pointless Projects
Business and Startups have a lot of swings and roundabouts. When you entered into business, you will no doubt have realised that it’s not going to be easy going. Unless you went in with the illusion that everyone would just start buying your products or services, you will have been prepared to go through some of the battles that every business has to go through.
The first battle is all of the money that you have to invest to keep it going. It’s one thing investing the initial pot of money to establish as a business, but keeping the business going whilst there’s no customers coming to you can be so expensive. So, you should be looking for ways that you can make your business as efficient as it can possibly be, whilst also making it as creative as possible.
The more you focus on the quality of your business, rather than rushing into the sales that you want to make, the more you’re going to be able to get out of the business in the long run. So, to do that, you don’t want to be diving into pointless projects like so many businesses do. It’s easy to get so carried away with an idea when it sounds so good, without rationalising it, or seeing how it’s going to pan out.
So, we’re going to show you what you need to do before you dive into a pointless project, to make sure that it doesn’t end up pointless.
Research your competitors.
This is one of the most important things to look at that we think so many small businesses forget to do. When having this brilliant idea, it’s easy to think that it’s your idea. It’s the same with everything else in life. You might catch a glimpse of something you like, for example clothing.
You go and buy it, and then all of the sudden everyone is copying you, but the idea was already out there. It’s the same with business. At the minute, everyone is building ideas based on what another business is doing. We think it’s pretty much impossible to do something in business that hasn’t been done, in terms of a product or service that someone needs.
Everyone has done it before you, and you will no doubt have businesses that you follow for inspiration. So, at the time of having this brilliant idea, you need to make sure that it’s not what everyone around you is doing. It’s going to be so hard for your idea to be successful if you’re competing with everyone else around you.
Then you need to think about the investment that it’s going to take out of you. It’s all well and good having this great idea, but is it worth putting so much money into it if you don’t know what you’re going to get back from it?
As a startup or small business, it’s so easy to get carried away with any idea, but your budget is not going to be as big as the competitors you’re trying to follow in the footsteps of. Financial planning is always going to be important as a business, and the same goes with any new idea that you have.
We think it’s always best practice to make sure that you’re talking to a financial advisor to make sure that the cost isn’t going to plummet your business into financial hardship. Because that does happen all of the time. Many small businesses who would have gone the full way, crumble really early due to poor financial management and investments. However, we know that you can’t always predict what’s going to happen when you put your money into something.
Pretty much everything you do with your business is going to be a gamble. So, we’d recommend making sure that you check your finances to make sure you’re not putting into more than you can afford to, meaning you don’t mind if you don’t make anything back from it, and properly plan to execute the idea. Another mistake businesses make, is underestimating how long it will take to execute the idea, the duration of the sales cycle, and what additional costs might pop up along the way. So, always make sure you’re planning for every event!
Make a market research.
Market research is essential. There’s no point selling something to someone if they’re not going to be interested in buying it or there is not a niche market. So, for you to do your market research is a way of reassurance. You might do your research and realise that nobody is interested in the great idea that you had, and the money would have gone to waste.
User research software can be used to analyse data, and better understand the needs of your users. Software has become a big tool when handling customers, the needs of customers, and making sure that we’re delivering the best products and services that you possibly can. We’d also recommend doing competitor research as well. As we’ve said, someone is always going to be selling what you are, but you need to be the one who is doing it better!
Then to market it.
Once you have the idea you need to make sure that you can market it well. We feel like this is a mistake that many small businesses make. We come up with an idea that sounds and looks great, but then we only use social media to try and promote it.
Unless you have really active social media pages with followers who are generally interested in your business, it’s pointless. So, to market it, you need to think about going big or going home. TV advertising is a really in your face way of marketing that’s going to get anyone’s attention. However, we know as a small business, your budget might not be able to stretch to that length. So, you should think about billboard marketing and other loud marketing methods. The more in your face you are, the more exposure you’re going to be able to gain, allowing the product or service you’re selling to flourish.