Very few people are able to build a monstrous business right off the bat. And very few people should. There’s too much risk in starting a business to take such a humongous leap right away.
But not to worry – there are all kinds of small scale business ideas you can investigate and research so that you can start small – BUT have a reasonable amount of assurance that the idea you’re pursuing is something that has a good degree of success potential.
This episode is about that. How to find promising small scale business ideas – and why you should get started now figuring out what they are.
[2:07] One of the most common barriers: My “thing” is not ready yet.
I hear people all the time say that they want to start a business of their own – and they are shooting for something fairly small scale – but they say something like this: “My thing is going to be great but it’s not ready yet.”
I hear you. I understand what it’s like to want every bell and whistle to be ready before you make your thing public. I mean, you’re already feeling pretty vulnerable starting a business in the first place. What if your thing flops because you haven’t perfected it yet?
Like I said, I get that perspective. But I think it’s the DEAD WRONG perspective to have. Instead, you need to get rolling on your idea as soon as you can and get it ready to sell – even it its most infantile form – as soon as you can. There are great advantages to doing so, which I’m going to tell you about on this episode.
[8:52] Products and services are only successful when they meet a need.
As you start thinking about building your own small scale business you’re going to wonder, “How do I know if my product or service is going to be a success?” It’s natural to ask that question and it’s something you SHOULD be asking.
But there’s really only one question you need to answer in order to find the answer to THAT question. Here it is: Does this product or service meet a real need?
Bingo. That’s what matters. Every product or service that is successful meets a real need that real people have. If it doesn’t, it may sell for a little while because it’s novel or cute – but in time everyone will forget about it. But they will NEVER forget the products that truly meet their needs.
So – when you begin working on your small scale business ideas, keep that in mind. It will save you a TON of grief. And listen to this episode to hear how you can determine whether a need exists in a particular market.
[10:11] Using social media to do simple but effective market research.
One of the most effective ways to do market research – which is nothing more than examining a potential market that you would sell your product or service to, with an eye toward discovering the needs that exist – is through social media.
And it’s not through blanketing your profiles with surveys or contests. It’s through doing something quite simple: being social.
You’ll be amazed at the simple ways you can find out whether a market really needs your great product idea or not using social media. I hope you listen. This could save you tons of time and lots of headaches.
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