Entrepreneurs often have a bucket-load of amazing ideas that we just know will make a huge amount of money. While that can be true, unfortunately we often have fabulously amazing solutions to problems that either don't exist or only exist because of our personal experience!
If you are thinking of launching a new product, service or course, you must do your research first. And that doesn't involve asking your best friends who think everything you do is fab or some bloke down the pub! It means speaking to your target market. Lots of them. And in lots of detail.
Run a focus group. Ask people in this group (The Bristol Small Business Network) or other Facebook groups. Run surveys. Do trials. Speak to a business coach or mentor. Get your ego out of the way and ask for help! Do whatever it takes upfront to stop you wasting your time and money.
A word of warning... be aware that just because a potential prospect says they would love to buy, doesn't mean they will actually put their money where their mouth is when the time comes. Often, you'll find that only a small percentage of people that say they will – actually will. Which is why you need to speak to lots of them, ask them to be completely honest and not to tell you what they think you want to hear!
P.S. As always, if you need help, either pop along to one of our online Mastermind sessions or contact me for a 1-2-1.
Business & management coach, mentor, trainer, author, speaker, social entrepreneur, (and chief pot and bottle washer!)