Thinking of launching a business or product? You’d be surprised how many vital steps get missed by the dreamers and schemers. You know what they say: love is blind. When you’re really attached to an idea, maybe even in love with it, there are things you overlook. Unfortunately, these can be pretty big things.
So if you’re thinking of launching a business or product, save yourself time, hassle, and frustration, and do these six things before you invest a ton of time and effort.
- Make sure there’s a market. You may be in love with your idea, but if there’s no market for it, it may be better left in your idea journal. Do some quick market research, ask around, do a Google search for similar products and businesses, and see if people want or need what you have to offer. Doing this upfront can save you a ton of time and money and keep you from investing your resources in something that’s not going to do well.
- Come up with a list of names. The name of your business or product is so important and will set the tone and give a first impression of your business. Choose wisely! We’re in the age of information overload. If your potential customer or consumer can’t glance at the name or see it in passing and know something about what the company or product is or what it does, they’re not going to go out of their way to investigate further. Your name should be easy to understand, convey something relevant, and pique the curiosity. If your name is something completely irrelevant or non-descriptive, even if you think it’s cute or catchy, it’s probably not going to be memorable or effective.
- Google the names you’ve come up with. There are few ‘creative’ and ‘unique’ business names in the home services industry. Whatever your industry, make sure you Google the name ideas you have before falling in love. If you’ve slapped your first name in front of the words “chimney services,” “plumbing services,” etc., you’d better be sure there isn’t a business in your area with a similar business name or you’ll have a whole host of nightmares once your business is launched.
- Check the availability of the domain name. Even if you’re not 100% sure which name you want to go with yet, go to godaddy.com and check the availability of the domain names for each of your ideas. If they’re available, buy them right then and there. If they’re not, scratch the names off your list unless you’re willing to pay top dollar to buy them from someone. Most available domain names cost around $12, and even if you’ve only whittled down your list to five and can’t make up your mind, the cost to buy all five domain names will be a lot less than the cost of wasted hours because you didn’t check the availability of the domain name before you fell in love and started branding.
- Check the availability of the social handles. Almost as important as the availability of the domain name for your new business or product is the availability of the social handles. Go to Twitter, Facebook, Instagram, Pinterest, etc. and make sure the handles for your new business or product idea are available. The last thing you want is to have inconsistency across your social platforms or some impossible to remember or figure out handle, all because you didn’t check to see if the one you wanted was taken on each of the major social platforms.
- Talk with others in your trusted circle. Remember our earlier conclusion: love is blind. When you’re in love with a product or business idea, you may miss things, important things — that’s why it’s a good idea to involve others early and get their input. Different people in different age groups with different perspectives who are less attached to the idea than you are may see things you don’t or think of things you overlook in the excitement. If you bring trusted people in early in the game, it will only save you time and frustration. After all, two heads (or three or four) are better than one.
Thinking of starting a service business? Ask yourself these 5 questions first…