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Posted by  in Business Fundamentals


Before you begin any business you want to be absolutely sure it has the potential to be successful, right? It doesn’t matter if it’s a big corporate business, a clothing boutique, a coffee shop or an MLM business. If you want to be sure there’s a chance for success, make sure you have these three keys in place:

  1. The Problem: Before you start your business, make sure there’s a problem in the area you’re servicing. I know, it sounds somewhat counter-intuitive, but the truth is, unless there’s a problem, there’s no need for your business. Selling 3 armed T-shirts is a very cool idea, but unless there are a lot of three-armed people wanting t-shirts, there isn’t really a problem that you’re solving, right? Take a few minutes right now to identify the actual problem your industry/business is solving.
  2. The Solution: How is your specific business solving this specific problem? Why do you have a coffee shop on that particular corner? What problem are you solving there that nobody else is? How is your specific vitamin line solving a specific problem that others aren’t solving? How is your solution unique and innovative? How does it make you stand out from the crowd?
  3. The Demand: Are people actually actively seeking a solution for the problem you’re trying to fix? You may have the most amazing long-distance program, but if no one is actually looking for an alternative to what they have (sometimes the bother of switching is more than the new program is worth!) there’s no demand, and you will fail.

It’s tough, when you’re all excited about your new business venture, to listen to reason and work through these questions, but if you don’t do it right from the start, you’ll find yourself wasting unbelievable amounts of time and money to get your dead horse into a race it can’t win.

So, here’s what we can do. Answer these three questions, post your answers below, and we’ll brainstorm alongside you to see if your idea is viable or not. If it’s not viable but can be salvaged, we’ll help you there, too.

So, what have you got to lose? Post your business below, and let’s help you make it fly!

Darlene


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  • http://www.hometoheather.com Heather

    Very good advice and a lot of people don’t take the time to think it through

    [Reply]

    admin Reply:

    Thanks, Heather. Yes, you’re right. We all want to jump in with the doing part before we’ve finished the thinking part!

    [Reply]