I’ll focus on this post on what are the main questions you need to ask yourself before taking the decision to move forward with a project. These questions can be applied to small size projects like building a desk in your garage and up to well-established business launching a new product. at the end, it all comes to
1- A strategy: define why, how & what is the ROI.
2- Product/Service vision : features, value & Scalability.
3- Marketing : How to build an attractive offer to the end users and convince them to use the service.
4- Happy customer: who likes the service and promotes it, for example, your wife tells your neighbors how the kids liked their new desk and how it saved you 200$ buying a new desk from IKEA.
Why this is important? Statistics show that the likelihood of a startup to fail is 90%. Even with a solid patented product that fulfills a strong market need, difficult to replicate, provides very high quality service, You can still face strong competition that can shake your ROI. The end user in this era is so spoiled with high pipe of supply. High demand exists too but the end user has the luxury to pick and choose between different options.
Launching a new service can be terrifying especially if it’s tied with an investment, people future and brand reputation.
- Do you have a solid business plan?
- Can you secure a cash flow ?
- Do you have the time?
- and do you have the skills?
If you answer Yes to all then you are in the perfect spot to launch your project or idea, If the answers to some of the questions are NO or partially yes, then you need help.
In my next posts, I'll elaborate more on how could you get the help you need to qualify and assess your idea.
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Transformer40