A common problem I see is when new business ventures have picked the wrong service or product to launch. Watch a couple of episodes of shark tank and you will quickly see what I mean. Many new business owners will create a invention that they like, BUT without completely understanding whether it is able to be sold to others. Here are a few questions to ask yourself before you sink large amounts of money into something!
- Do you own the skills to develop the invention? – If you don’t have the skills yourself, then you will need to pay someone. That becomes quickly expensive. If you don’t own the skills yourself, then do you have lots of spare cash? If you don’t own the skills to develop it, you don’t have a bucket of money and you don’t have someone else nearby who has both then try another idea. Better to spend your time on a project and if that falls over you will have just wasted time, not your life savings.
- Who wants your invention? – So many people want to create something that helps others. Unfortunately a lot of the community that needs help won’t have the money to pay for your invention. Pick an invention with a target market that would be willing to pay for it. The best way is to try to sell a few of your items and see how many people want to pay for it. WARNING – not everyone who says they would buy one would. Be very cautious about a few good friends saying they love it and finding out if the average person on the street thinks the same.
- Pick a Better Idea? – Now once you have done a bit of research and think you are working on a winner. Stop and sit back for moment. Now you have all the skills and expertise to create this first idea, is there a better idea now you have experience? Second ideas can sometimes be much better than first ideas. Don’t get stuck in your own sales pitch. The next best thing might be your next best thing!