Your new idea may be a good or a bad idea, depending on your circumstances. Indeed, your project can be a “side business”, which can both generate additional income, be a “plan B” in the event of dismissal. But in order to test an idea before going further, or quite simply to learn something or bring a passion to life, you should make some notes. Will your business be a good option for 2021? Will it last in a modern world? Is this what people want?
You can check that your project is profitable before you start.
Those who manage to survive will have proven that they have a robust business model, a relevant target, rigorous management and good marketing. Indeed, the Covid crisis saw some popular businesses take a nosedive. So, now is the time to learn from those past mistakes and see what people need when going forward. Can this business be profitable? What business will it be? A fashion shop? If so, can you offer e-commerce to customers? Will it be a pub? If so, do you need brewery equipment? Are you opening a digital business? How will you promote it? In the current period, it is necessary to ensure:
- To address a target that has an urgent and important (and solvent) need.
- To have a product that responds to this demand in a differentiating way in its market (differentiating does not mean innovative, you can differentiate yourself through marketing, design, business model, etc.).
- To have the means to address these targets without too much effort (that is to say in phase with the budget that you can put in to acquire a client).
To do this, you have to start by confronting your idea with your prospects. In particular, the article presents the following elements:
- The evolution of the market
- The definition of the typical customer (the persona)
- Identification of competitors
- The choice of a positioning
Set your action and turnover objectives in advance.
It is very easy to make your business creation project “a dream”, which you put off month after month. This may be either consciously (the fear of failing or of getting started), or unconscious (making mistakes. non-essential tasks while thinking of “working” on the project). Hence the importance of asking the right questions. What is the most important thing I have to do today to move my project forward? The worst mistake is to hang out on social networks, to spend hours watching Youtube videos. You can use this as inspiration but not a distraction.
Make yourself a routine
It is the habits and the cumulative effect that will make you achieve success. Rather than spending ½ day per month, rather spend 45 minutes / day on your project (e.g. during the lunch break, in the evening). It is the regularity that will pay off, and for that you must integrate your new project into your daily routine.
Tell your friends about your project
Talking about your project will put you under external pressure, because your friends and family may judge. Ideally, find another business creator, a business manager to discuss the subject together, and encourage you to move forward.
Conclusion
Confucius said “The best time to plant a tree was 20 years ago… the second best time is now”. For a business creation, it’s the same thing: ideally you should have done it before, but do not worry about it, it is always possible to succeed provided you are original and validate your project. Today’s times only require better financial management, and a product that is in tune with the needs of consumers. On the other hand, pay attention to your family, your friends, your community, who will, without wanting to, encourage you to give up or postpone your project. They will want you to be happy and worry about the things that may go wrong. Many times they may say things such as talk about the fear of risk, having a lack of experience, a lack of knowledge. But the one thing that you must remember, is that it is always the customer who is right. If you have a product that meets a demand and people are willing to pay, then there is a business to set up regardless of the economic context. But the one thing you must know is that it is possible to create new opportunities. Be sensible, be focused and productive. Think about the long and short term and work towards your goal slowly.
