What if They Don’t Come?
Remember that famous line from Field of Dreams? “If you build it, they will come”? What if you build it, and they don’t come? It happens.
I have spoken with two business owners who recently spent a lot of money building a product, but didn’t research their market. Both found out there were insurance and other issues that interfered with the way they planned to market their product.
I won’t get into the details, but the point is this: if you are thinking about starting a new business or entering a new market, find out before you start spending money if you have a viable market and a model that will work. Your friends may agree with you that you have a great idea, but are they actually willing to spend the money for the product or service? Here are some things to ask yourself before you dig yourself in too deep:
- Who is my market and how large is that market?
- Through what channels will I reach my market?
- Do I need insurance, certifications, or any other legal protection to allow my business to run smoothly and safely? Can I afford these things?
- If I plan on partnering with businesses in another industry (travel, tourism, restaurants, retail), have I reached out to discuss the feasibility of my idea with the correct people beforehand?
- Have I saved enough money to market to my potential clients?
The last one is huge, because you might build it, but if they don’t know about it, they won’t come. The best idea in the world still can’t make money unless you have people ready to buy. Don’t build it until you know people will buy it. Don’t build it unless you can afford to market it. Do your market research. Create a marketing plan and start marketing before you launch. When you are ready to go, you also need to be ready to start selling.