I hope you and your loved ones have a happy Valentine’s Day tomorrow!
“Time is free, but it’s priceless. You can’t own it, but you can use it. You can’t keep it, but you can spend it. Once you’ve lost it, you can never get it back.”
~ Harvey MacKay
It’s relatively easy to come up with ideas to grow your business. It’s unfortunately a bit more work to conduct market research to judge the merit of these ideas. But don’t skip this crucial step.
Specifically, there are several market and marketing criteria against which you should judge your potential opportunities to figure out which ones are worth pursuing. These criteria are primarily focused on new product or service opportunities you identify, and include the following:
Big Market Size: is the market for your potential new product or service big enough? If the market is too small, it might not make a material impact to your bottom line — even if you achieve success.
Positive Market Trends: is the market for your potential new product or service growing, shrinking or flat? A shrinking market is clearly not a good indicator for your future success.
Competitive Gaps: How well are competitors filling the customer needs your potential new product or service seeks to fulfill? If the answer is not very well — then how quickly or easily do you think they could modify their offerings to directly compete with you?
Solving a Real Pain: How big is the customer pain that your potential new product or service solves? Is your offering a “nice to have” or “need to have” solution?
Customer Targeting: How identifiable and/or reachable are the customers you hope to serve with your potential new product or service? For instance, finding soccer players is very easy; identifying business owners who are interested in losing weight is a bit more challenging.
Make sure to conduct this research and judge your growth ideas against it to ensure you pursue only the worthiest opportunities. And then document these opportunities in your strategic plan.
The Best Entrepreneurs Do This
Do you know what separates the best entrepreneurs from others?
Here’s the answer: the best entrepreneurs achieve HUGE goals.
It all starts with a “killer” plan <—
Here’s an example: a few years ago, I helped my client Liam Brown develop his plan, back when he was just starting out…
Today, as a result of his TRULY killer plan, his company (Integreon) is the largest BPO firm in the world, with over $100 Million in annual revenues, 2,000 employees, and office locations on 4 continents!
Today’s Question: McDonald’s founder Ray Kroc once famously claimed that McDonald’s was not in the hamburger business. What business did Kroc say he was actually in?
Previous Question: Entrepreneur and inventor Henry Ford pioneered what method of mass production in 1913?
Answer: The assembly line.
An assembly line is a manufacturing process in which parts are added to a product in a sequential, fully-planned manner in order to create the finished product much faster.
Interestingly, a similar division of labor was initially discussed by Adam Smith, way back in 1776, in his book The Wealth of Nations. Smith used it to discuss the manufacturing of pins.
But only when Henry Ford adopted the assembly line to mass produce the Ford Model T did it become famous, and has resulted in a company that is still around 100 years later.
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