Irish Independent - Business Week - - FRONT PAGE -

I HAVE a busi­ness idea and have talked to some friends and fam­ily who share my views that it will be suc­cess­ful. What steps do I need to take to set the busi­ness up?

I AM go­ing to an­swer a ques­tion you haven’t asked. ‘What are the chances of this be­ing vi­able?’

The gen­eral ad­vice when start­ing a busi­ness is that there are two def­i­nite groups of peo­ple you should not take ad­vice from ... fam­ily and friends. While these groups have given you some great backup and ad­vice there is a real risk, in their ef­forts to be sup­port­ive, that they don’t cri­tique the busi­ness as they might if it was some­one else’s and give you lots of pos­i­tive feed­back as a way of be­ing en­cour­ag­ing.

Of course, there is ev­ery chance that the busi­ness could be suc­cess­ful but you owe it to your­self and to the busi­ness to con­duct a ro­bust fea­si­bil­ity study.

When start­ing any busi­ness you need to be sure that there is a ‘gap’ in the mar­ket. In most cat­e­gories, there is very lit­tle room for a prod­uct or ser­vice which has al­ready been cov­ered by oth­ers and you will find it very hard to make enough sales in this space.

You are bet­ter off to iden­tify cat­e­gories where you are likely to have least re­sis­tance. Spend some time do­ing some on­line re­search and then test your idea on peo­ple not known to you. They will give you the most ro­bust feed­back as they have no vested in­ter­est.

Well done on hav­ing the ini­tia­tive to start the busi­ness and just step back and con­duct a lit­tle bit more ro­bust re­search and to val­i­date that every­thing that you are do­ing is as good as it should be and you are po­si­tion­ing your prod­uct or ser­vice cor­rectly. There is no point in find­ing this out af­ter you launch. Good luck.


Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.