Three Questions That Will Determine if Your New Business Will Succeed or Fail

The answers to these questions must be honest, unbiased and backed by your market research.

Question 1.

Is there an identifiable and accessible market that has the need for the product?

This is a three part question. Can you identify the market? Can you access the market with your marketing and messaging? And do they have a need for the product?

Question 2. Are those who have the need willing to pay for it?

Question 3. Are they willing to pay a price that includes a sufficient profit.

If you do the market research to answer these questions, you can then project a level of either success or failure for your new business.

Let me repeat that. If you take the time to do the research to answer these three questions, you will have an understanding of the probability of success or failure for your new business.

Now, if it looks like it’s a no-go, you must keep in mind that a no-go decision may be the best decision you’ll ever make, saving you time, money and pain.

If no-go is the right decision, I would recommend that you accept it and move on.

If, on the other hand, you end up with positive responses to all three of these critical questions, you will now have the confidence to take the next step and commit to your new business idea.