Now that you have your business ideas from the last blog post, it’s time to find out which one makes money! This can be the scariest part for some of us, because it means we have to connect with others and think outside the box, while potentially risking failure, judgement and rejection.
But remember – there are millions of entrepreneurs out there that have taken these steps and turned out to have business that are unique, one-of-a-kind successes!
Before we talk about the test, I want to mention a few potential road blocks that can get in your way, at least when you’re first starting out.
Avoid These Mistakes to Ensure Your Business Idea Makes Money
- DON’T spend all of your time and resources focusing on activities that won’t move the needle for you. This includes a logo, tagline, fancy website, or whether your business should be an LLC or sole proprietorship. When you’re just starting out and getting your feet wet in your entrepreneurial journey, these details really don’t matter.
- DON’T get feedback on your idea from well-meaning family and friends who will probably tell you it’s a great idea anyway! This type of general feedback from non-customers won’t help you nail down your offerings or your ideal customer. It’s much more worth your time chatting with people who you want to work with, or people who have done what you want to do.
- And most importantly, DO “beta test” your offerings to actual customers in an effort to get some concrete feedback in return. I personally do this all of the time for each new offering. It allows me to generate testimonials and social proof, while helping me to fine-tune the offering.
Now, onto the test. This is called the KISS (Keep it simple, stupid) Test, and it consists of four simple questions. This test will help you evaluate your ideas and eliminate those that either won’t be as possible or simply don’t measure up.
Here’s how it works. If you can’t answer yes to all four of the following questions, cross the idea off your list.
The KISS Test
- Do I have the real-world experience, skills or abilities that are necessary in order to provide this product or service, and if not, am I willing to work really hard to get them?
- Am I willing to focus a majority of my free time on this for at least the next six to twelve months?
- Is the idea aligned with values, goals, the feelings that I want to feel every day, and more importantly, the vision I have for my future?
- Is there a clearly defined, easy-to-reach market of people already spending money on this kind of product or service?
So which business idea of yours is viable and will be profitable?
Need more help? Check out my 1:1, group and self-study offerings: https://christinagiordano.com/offerings/