Entrepreneurs are the most optimistic people in the world. They have to be if they want to take their idea through the gauntlet and come out successful. However, their unwavering optimism is also a blind spot for spotting weaknesses in their business idea. Sometimes this is fatal.
Does your business solve a HUGE problem?
A lot of times entrepreneurs get caught up in the novelty of a business idea. They think it is cool and they want to be captain of their own ship. What they don’t realize is that most entrepreneurs who own start-ups pivot several times because they are trying to solve a burning need. If you get too caught up in the original solution, you might miss out on a better one to solve a huge problem.
Will people actually pay for it?
People from focus groups to grandparents are all guilty of telling the entrepreneurs they know that if they started a company they would be the first ones to buy! The problem is that when it actually comes to forking over money, few actually do. Before you quit your job and sink a bunch of money into a new business, try to make a minimum viable product and sell it to a few customers. We recommend using Zoho CRM software and QuickBooks online to keep track of sales and accounting, respectively. It could save you thousands of dollars in critical start-up money and teach you more about the person who is going to buy your product/service, the almighty customer.
Is your business idea scalable?
Too many entrepreneurs end up in the self-employment trap. They work extremely hard to build a business only to find out that they can never leave because they can’t replicate themselves! Don’t make this mistake. Make sure that you have a vision 5-7 years into the future of your business plan. Plan early to build the systems necessary to bring in other people to help you run your business so you can sell it or step out of it while still making money.
Idea labs is an Austin-based team of consultants and coaches helping small businesses solve a wide range of business problems since 2011. Our team is composed of experienced entrepreneurs and technical experts.
We offer three distinct ways to work with you based on your current needs.
- Unlimited business coaching and consulting for a full year [$100 per month or less]
- Access to our resource platform of our products and services [pay for what you need]
- Business products and tools we recommend [free]
While there are plenty of sources for start-ups and small businesses to receive help, funding, and mentorship, Idea Labs operates like a marketplace by meeting the needs of your business’ ecosystem. As opposed to the common consulting and business coaching trope of increasing billable hours or project scope in order to maximize revenue, we prefer to be a place you can depend on during crucial stages of your business journey. We can help connect where you are now and where you want to be.
Idea Labs Consulting