When people get passionate & excited about a new, “great” idea for their business, they often forget about all the small details & issues. If left unattended and ignored they could ruin your chance of success. Maverick Mentoring is here, offering business coaching services with our experiences & business expertise. This is to make sure that our clients will not make that mistake and loose focus on achieving great triumphs.
In our previous blog, we talked about 4 questions that you can use to evaluate your business ideas. Here are Four more questions you should have answers prepared for, before continuing with your business idea:
How Can You Service & Maintain This Idea?
It’s essential that there is a detailed plan that includes all the contingencies for your business idea. A careful plan will take a lot of time & effort to develop, but will act as a layer of reassurance and comfort for the business’s investors.
A thorough plan can also help you to deal with unexpected problems that can occur when delivering the new product or service. If you can’t come up with a reliable, cost-effective back-up plan for the business idea, you should halt the progress for your idea until practical solutions are found.
Can You Put A Price On This Idea? How Much?
Any business idea that is worth the investment of time and money should have a price tag at the time of sale, or better, immediately after delivery. Make sure that your idea can be reliably billed or invoiced. Generally, great business ideas fall apart at this point, so being extra careful doesn’t hurt.
Will The Gross Profit Margins Sustain Your Business?
You have to be realistic here: If the costs of making your ideas come to life is far higher than the money you can make from it, continue pursuing the idea is not recommended. You are running a business, not a hobby that you can just brush off after 5 seconds. Therefore, be pragmatic about the financial prospects of your idea.
Can You Collect The Bill Or Invoice For The New Product Or Service?
The viability to collect bills or invoices for what has been sold can be considered the make-or-break factor for a business idea. By thinking about this step, business owners and entrepreneurs can identify some of the missing parts & details that can contribute to the success of the new product or service.
Need help with business strategies for success? Contact Maverick Mentoring NOW via 3 9005 8275, and receive a FREE 1-on-1 business consultation tailored specifically for you and your business.