There are ways you can limit struggling with your business and I think the first thing I would say is get a consultant or just look for somebody you can talk to about your ideas – parents, siblings, relatives or friends.
There is no new idea under the sun; so you can go online and read reviews because there’s enough information out there you can actually get to have a clearer picture of what exactly you want to do.
What I have done is I listen to podcasts, watch YouTube videos, and go to brands Instagram pages and their websites to see what they are doing.
Some Key Takeaways
- Share your ideas with trusted competent people before executing
- Explore competitions pages on social media, read reviews, comments, which pics has more likes etc
- Seek consultants to see if your business idea is viable- if you have the resources
- Brace for the failures and pivot
- Sit on your idea for 4-5 months, if you don’t obsess about it through this period don’t get into the business
- Do a self audit, what skill sets do you have and which ones are you lacking
- Survey the market – read interviews, interview old employees
- What are your assumptions and what happens if it doesn’t pan out
- Revisit your supply chain and talk to the sales rep on how others are coping.
Thank you for listening and reading.
Look out for next episode.