Posted April 29, 2008 by

Risk reducer for starting your own business

Reprinted courtesy of TheCareerNews.com
NAPA , CA — A business idea may sound great yet, in practice, flop. Sometimes it may, indeed, be a great idea but you may not have the skills to make it succeed. To reduce the risk of that happening to you, watch someone in your prospective business in action. For example, if you’re thinking about being a Web designer, watch one for an hour or two.


Other times, a business succeeds only because of a Herculean effort-an owner willing to work 90 hours a week or invest a fortune to ensure its success. Last I looked, you didn’t look like Hercules nor had a fortune to invest. Still other times, the idea was good but its heyday is over. Risk-reducer: a survey.
Before deciding to start a business, talk to 25 people in your target market. Describe your product or service and ask them how likely they would be to buy it? Beg them to be brutally honest. Ask them what’s the most they’d comfortably pay for your product or service? How could you enhance the product or service so they’d pay more?
Article abridged from MartyNemko.com, and reprinted from TheCareerNews.com. Get the latest breaking News, Tips and Tools for your job search, Free!

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