There are several great ways to test the waters for your new business idea without investing too much, financially or emotionally, or spending too much time trying to get an idea off the ground that just won’t fly. If you sell a product try it out first on Ebay or Amazon, or even Etsy if it is a craft or artisan product. See what sells best and take special note of feedback from your customers. Even better, actively seek feedback from customers by offering a small incentive if they will rate your product or their experience dealing with your company.
Learn from similar companies that are already successful – look at their products and business model; and be prepared in the early days to hone your idea and even make radical changes to your products or services. After all a product that simply doesn’t sell will never be the “perfect” product so learn and evolve the product into something that has a good chance of success. If you have a genuinely ground-breaking or leading edge product it may not be so easy to compare it with other companies’ products so in situations like this you may just have to trust your own judgement as it is notoriously hard to get representative feedback for a completely new product that potential customers have never come across before, even using the best market research tactics.
Of course, you will be emotionally involved with your products, especially in the early days of your business and especially if you make them yourself, but try and view each product dispassionately. If it doesn’t sell or gets poor feedback then you either have to improve it or drop it from your product range. Ask yourself honestly why you are really in business – as any north London accountant will tell you, the answer should be to make money – that is, quite simply, why businesses exist – so anything preventing that from happening has to change.
That doesn’t mean you can’t be successful in business. Setbacks are just another learning experience (that really is true) so don’t be down-hearted by the setbacks you encounter – there will always be some, but they are just a stepping stone to a better product and a better business.
Once you have learnt what sells via some of the major well-established online marketplaces and what people want then you can start to think about your own website and promoting your own brand. You will then be armed with all the information you need for a website and will know what is important for your customers. Many companies waste time and money having a website built only to find out that it does not focus on customer needs because these weren’t clearly enough defined at the outset.
Whilst a good website is essential for growing a business, you may be surprised how many small businesses thrive in the early days without one – or with a single page web presence, especially when supported by a good social media presence.
