The Danger of Chasing Every Business Idea

Have you ever considered the danger of chasing every business idea? It’s easy to get swept up in the next hot idea. If you are a small business this is for you.

A Time of Easy Access

With the internet and all the social media platforms it really takes very little time for a new idea to take root and spread. Ideas may be presented in ways that make them seem like a sure thing that can’t fail. Even before the internet this phenomenon was part of the multi-level marketing industry. Of course, with the internet the multi-level marketing industry has an even easier way to grow. By the way, I’m not knocking multi-level marketing, but rather just using them as an example of how a business idea can spread quickly. Some of these could be a great opportunity for certain people, but for others they can be a waste of both time and resources.

However, what I really had in mind was not something like multi-level marketing but rather the tendency to chase after the latest fad, whether it is a product or some way of improving your business.

Products

We are in a time where new products are introduced on a regular basis. As a small business you are probably constantly on the alert for products that you can easily sell. But, before you decide to sell something you would be well served by carefully analyzing whether you will actually be able to compete. Just because a product is a hot seller does not necessarily make it a good fit for our business. Consider just a few things. Are there already other established players that dominate the market the product is in? How will you make inroads with customers to convince them you are a better company with whom to do business? Also, what kind of product lifespan can you expect? Will your efforts pay off for a reasonable time period? Are there add-on or complementary products you will be able to market as well? I think you can see the danger of chasing every business idea in the area of product selection.

Business Improvement

There are thousands of companies and individuals offering the next great thing to improve and grow your business. Yet, not all small businesses are the same. You may hear of a business idea such as some sort of prepaid service that sounds like a great idea, and it may be but just not for you. Often the services offered to supposedly grow and enhance small business are canned programs of some sort that may not fit your actual needs. If they do, then great, but I suggest you do your due diligence in analyzing these offers to see if they are really what you need or just an opportunity for those selling them to line their pockets with your money. Unless they already understand your business or demonstrate the willingness to do the work necessary to do so and unless they can clearly show you how they will help you, you just might be better off taking a pass.

Incidentally, this same thought process applies to hiring employees. Beware the candidate who promises too much without the ability to substantiate their claims.

So keep in mind the danger of chasing every business idea, be it products to sell, services offered to you, employee candidates, or countless other things.

If you want to know more, contact AimCFO – Contact

As always, your comments are welcomed.

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