Spending a little time and / or money validating an idea or product proposition can save a fortune later.
Experienced Executive & Business Advisor bringing decades of Corporate Strategic Planning experience to assist entrepreneurs and small businesses realise their potential
'Build it and they will come' might work in the movies but in real life it's a very poor strategy for any business to follow. Two of the questions I always ask a new client that wants to launch a new product or service when conducting my initial discovery are: - Is there demand for the product / service? - What price are the target audience willing to pay? Failure to answer those questions intelligently, backed by some sort of credible evidence (not just their opinion or what their mate at the golf club / down the pub / on their fantasy football team thinks), is a red flag moment as it increases the odds of failure exponentially. Feasibility and validation of any idea, particularly customer demand and willingness to pay your price, should be prerequisites for any entrepreneur launching a new venture. For help in establishing these, contact BizplansUK (This and all the other videos we’ve done are available to watch on our YouTube channel. Link in the comments below)