8. Validate your assumptions
Starting a business is one of the most satisfying and rewarding endeavors in life, but it is not without its own frustrations and disappointments…more so in recent times. One way to ensure success is to plan and validate your ideas before investing your time, energy, and resources.
It is okay to make claims about your products, services, and customers as part of the business planning process, even during or post COVID-19. However, it is not prudent to think people will come just because you built it. Validating assumptions made on an idea or a new concept for an existing business is often overlooked and underestimated. Validating your business can be as simple and non-threatening as an observation: asking potential clients about what they like or calling up a competitor company with similar ideas and concepts to learn about their services.
Remember that business is not just an “Art”; where it is flexible and subjective on things like your company values, brand colours, designs. It is very much a “Science” too. Science is factual and systematic and often plays out on your market research, operation, and financials. Be sure to use a scientific approach in testing your assumptions. This guarantees a credible result.
And finally, do not wait to completely confirm every assumption before you make the leap to start the business. I personally encourage my clients to make the jump at 60-70%, after all, business is a risk and you should make room to be an “educated” risk-taker.
– Audrey Allotey, Small Business Strategist