Free eBook: Testing Your Big Idea

Wouldn’t it be wonderful to know the chances of success for a new project, product, or service BEFORE you get in too deeply?

Small business owners often create products and services, then throw every selling technique conceivable at them. This is the exact opposite of the approach you should be following when developing new products and services.

Determine the need first, then build your offer around that need. It’s much easier to sell something when your product or service is in high demand.

In this guide you will learn the exact steps to follow for determining if your product or service idea is one worth pursuing. You will learn how to use tools available online and how to analyze the results of those tools.

Why Aren’t More Companies Doing This?

The simple answer is that many businesses operating today are small businesses who have no formal training in the evaluation and com- parison of projects. Large corporations use finance experts with ad- vanced degrees to perform complex calculations and report the results to management. When department managers receive the

results, they are responsible for interpreting them, yet do not possess the skills required to understand the analysis provided. This can explain why some projects in corporations are not successful.

Who Is This Guide for?

This guide is geared towards small business owners, entrepreneurs, start-ups, service providers. It’s for anyone who wants a simple process for evaluating a potential project before sinking in money and time. It is for people who want an edge in the market. You will learn how to focus on the opportunities that have the highest chance of succeeding, as well as when to discard ideas.

The information provided does not contain complicated math equations and you won’t find theoretical treatises on the time value of money. You will learn useful techniques that you can apply to your projects.

Can This Be Used for Digital Products?

You can apply these techniques to any product or service where people are looking for solutions. This makes them well suited for digital or information products, as well as professional services.
The techniques are similar, with differences noted within the procedures.

What Does This Guide Cover?

This guide describes techniques that help you analyse your projects or services and covers the factors to make better deci- sions about which projects to develop. This is not an exact science and you still need to make some judgment calls. No tool exists that can tell you with 100% certainty whether a project will work or not.

The guide is broken down into a 4-step process. You will learn about some great tools to use during each of the steps along with guidelines on deciding whether or not to move forward. It makes no sense to put in all of the work if one of the steps signals you to abandon ship.

The 4 steps you’ll be going through are:

Step 1 – Evaluate Market Profitability Potential Step 2 – Determine Consumer Demand
Step 3 – Assess Longevity Potential
Step 4 – Determine Your Competitive Potential

By the time you finish this report, you’ll be able to:

  • Evaluate new project, product, or service ideas using a 4-step process that will help you determine whether to invest additional time and resources into implementing it.
  • Assess the potential for earning income from,your proposed project, so that you can gauge whether it is a viable business idea.
  • Identify the needs and challenges of your market in relation to what you have to offer, so you can estimate the potential customer demand.
  • Answer essential questions about the possible longevity of your product or service, so you can decide whether your idea will be able to grow over time.
  • Determine the unique qualities your product or service can provide and evaluate it against what your competitors have to offer, so you can see whether there’s an opportunity to carve out your own market or edge out the competition.

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