Since last week, I have had a few calls with some of my friends, and we have shared some exciting new business ideas for 2024, but still not sure of its possibilities.
Just like you also, excited about the potential of your new business idea, you have been buzzing with ambitions for this year. But amidst this excitement, you have not realized the importance of pausing, testing, and evaluating your ideas critically.
So, let’s play the d€vil’s advocate, just a bit, to ensure your brilliant, innovative ideas are truly ready to serve the world. We will put these ideas through a litmus test to gauge their viability.
The first test hurdle is to assess customer interest. Do people actually need or want what you are proposing? An idea might seem beautiful in theory, but without genuine customer interest in the market, it’s like a beautiful car in our garage without an engine.
Next, test your team’s capacities and capabilities and consider your team’s ability to bring these ideas to life. Do you have the right team to turn these ideas into tangible products or services? The greatest ideas need experienced, skilled hands to craft them into reality. Not generalist on specialist positions. Can your team deliver on the promises of the business idea?
Then, test pricing for profitability. Can you price your product or service in a way that attracts customers and still turns a profit? It’s a delicate balance, one that demands careful thought and strategy. If your pricing power doesn’t stand strong against costs, you might need to rethink our strategy.
You see, these early three test steps can be revealing. Sometimes, they might even point out that we are heading in the wrong direction with our excitement. And that’s okay so that we can adjust.
Last year, we were all set to roll out a new app service in my business. However, upon testing for customer interest, I realized the demand wasn’t as strong as I had hoped. It was a tough pill to swallow, but it saved us shaa, we had to pivot, so expect a better version soon.
So, as we all think through our 2024 new business ideas, let’s not just ride with excitement. Let’s test the ideas rigorously and be ready to pivot if needed. This way, we are not just chasing dreams; we are building sustainable realities.
I am the Billionaire Mechanic, still dreaming of realizing my ideas.