The Business Concept Challenge
Sometimes we make things complicated. It happens, forgive yourself. If you have been putting off a new business venture because you lack:
- A Business Plan
- Do we need to keep going?
The list can go on forever, we make excuses to ourselves to forgive our inaction. Here is one simple and low risk thing you can do today that to test whether that great business idea is real. Take the business concept challenge. This is just eight steps to help you learn about the potential market for a new product or service.
- Define your product or service including roughly what it costs you to produce or provide it
- Print up flyers/brochures using Microsoft publisher or Google Doc templates describing your product or service
- Get a mental image of who your target customer is
- Go approach those target customers, hand them a flyer and briefly (30 seconds) describe your product or service
- Ask them if they use a similar product or service
- If the answer is yes, ask them what your product or service would be worth to them
- If the price they state is high enough above your cost that you want to take the sale, ask them if they would like to sign up/place an order at the price they stated
- Deliver on what you promised, your reputation is important
If this initial pilot works out, use what you learn to develop a more formal business plan and push the business forward but always fulfill the orders you take. It’s unethical to not live up to your promises.
If you like the business concept challenge please share with your friends on social media and we love to follow the results using #bizconceptchallenge