Don’t Do It!
STOP! Before you go out and spend thousands of dollars trying to start a business, take some time and perform these steps to see if your product is really worth launching? This is part of the MVP process (minimum viable product).
- Will people pay for your product? — Take a second to reflect on your idea. Is your product actually solving a pain point, or are you just creating a solution looking for a problem? Is this enough of a pain point that people will be willing to pay for your solution?
- Does it match who you are? — Being in business is tough, it’s even more tough if you don’t know your industry and have no experience in the field. If you’re an engineer and want to open a dental shop, good luck, it’ll be rough. Choose something that you wouldn’t mind spending a lot of time on.
- Is it sustainable? — What happens if you obtain success. One of the reasons why I stopped selling products online was because of this issue. Even if I managed to out-compete all of the other sellers online, if my product got too popular, Amazon could just swoop by and sell their version (ever hear of Amazon Basics?). Not a sustainable business model.
- Do you have an unfair advantage? — What makes you better than others? Is there a steep barrier to entry? If not, then it may be tough for you to gain market share. There is a lot of leeway in this category, having more money, spare-time, or expertise counts as an unfair advantage. Being first to market is also an unfair advantage.
If you don’t take the time to reflect, you might end up with a bad idea. MVPs are designed to help you sort the wheat from the chaff as soon as possible. Go through these steps, and if they pass your sniff test, continue forth!
Looking forward to the future. The possibilities are endless.