New business ideas are exciting but can also be overwhelming. Is it a great idea? Where do I start? How do I find the information I need?
From my experience, taking one bite at a time keeps my sanity. Focus on that one task and complete it before moving on to the next task. Otherwise you will become confused and stressed.
One of the key elements to manage this process is researching and obtaining relevant information – it’s vital for you to make an informed decision. What type of information you need will depend on the industry and what you are selling.
Recently at the Research Clinics I run, people interested in developing a new business idea need information that validates their particular business idea:
– Is there a need?
– Who will buy it?
– How much will they pay?
– Do we have competitors and what are they offering?
How you obtain this information is by using different methods and resources. Google, newspapers, and libraries are a great source to check out your competitors. Whereas talking to your potential customer is the best way to assess if there is a need and how much they would pay. For example:
A client with a new specialised massage therapy was able to make an informed decision on their small business venture after we obtained feedback from their target market. Now they know there is a need for their services and how much their customers will pay.
Although Google holds a wealth of information – understanding the best search terms, databases and websites saves time and provides better results. For example:
I had a client that wanted to expand their personal honey production into a viable business. In particular they wanted to know about the latest guidelines, forms and regulations regarding honey (producing, transporting, processing, and exporting). I knew I needed to search on several websites and talk to the relevant person to obtain this information.
So stop procrastinating and just take that first bite!
If it seems daunting and you need help, please get in contact with me: Karline de Boer on +64 04 5650739, email@example.com. Or pop in to the free Research Clinics I run every Wednesday 12:30pm to 1:30pm at Hutt Memorial Library, Lower Hutt, New Zealand.