Starting a new business, need directions

[3ntr3pr3n3ur]

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wealth creator, post: 212726, member: 1346 wrote:

How do I post a new question on this forum?

Head one page back to the page with all the “Starting a Business” forums… and hit “Post new thread” at the top right….

[Concept]

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Hi Rockie,

I think there is a lot of great advice so far.

However I’m going to present a different approach.

Test the market first. Actually sell the product instead of relying just on research. Instead of buying 15k-25k worth of stock, try selling a limited amount of product to a select few in your target market.

This could be $100 worth of stock, and sell it to people you may personally know who fit your target market. Two things could happen. One, your sell some stock, and make some money. Awesome. You can now be certain that people will buy what you have. The other benefit is you now have real customers you can talk to and get feedback. Why did they buy it? Who else do they know would be interested? After that you can then start to think of scaling the business and looking at longer term development of the business. But keep testing assumptions and adapting your business.

On the other hand, if no-one buys the product, you have only lost $100 and not thousands of dollars and months of time. It is also an awesome opportunity to learn. Talk to those people and find out why they didn’t buy it, what would need to change for them to buy it. Go back to the drawing board, come up with a new idea and test it again.

By testing and seeing what works it takes the guessing out of business.

A great book that goes over this is “The Lean Startup” by Eric Ries

Hope this helps.

Best of luck with your endeavours

Nathan

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