We’ve all been there. Knee deep in a project we know has no future, and never did. How is it we got so far down this dead end road without realizing it? Where was the sign at the last intersection?
That’s really the key, isn’t it? Where is the sign, or rather The Map, that tells us how to navigate our way through starting a new business. There are a handful of key decisions to be made up front that, if done correctly, can make our businesses grow with enormous success.
Let’s outline how to go from zero to idea when starting a business:
- Is it B2B? If not, start over.
- Does it address an audience you can relate to or are passionate about?
- Are you the target customer?
- Does it directly impact the top or bottom line of the business?
- Does it have recurring revenue? Not a deal breaker, but overcomes some other shortcomings
- Can it scale easily? This speaks to reach of customers and outsourcing the human capital and technology work
- Can you price it high? High being at least $100
- Can you sell the business?
- Does it pass the Grandmother test?
Be brutally honest with yourself about each of these questions. If there are too many NOs in here, take a step back and think about how you can make them YES answers. Can you redesign part of your business model?
If you’re interested in diving into this conversation further I’m offering a free email course that will go in depth on each of these topics, how they might apply to your business, and why they’re so important.
Drop your email in the signup below and get Lesson 1 today! I truly hope you enjoy it. But more importantly, I hope it helps you take directed action.