Many people have saved themselves an enormous amount of time and money by finding that people who are already in that business wish they were not and who wish they had not invested the time or money to get into it first place. So go and talk to them. Ask them what they think about the business they are in. Ask them if they would recommend someone else get into that same business. Do not be shy or secretive.

Every so often, at seminars, I have people come up to me and ask me if I would give them some advice on their business, and I say, “Well, what is your idea?” And they won’t tell me what their idea is because they are afraid somebody might steal their idea. The fact is ideas are a dime a dozen. So be perfectly open. Tell people what you are thinking of doing. And get feedback from people who are already in that business. That alone has saved me hundreds of thousands of dollars. It may even have saved my financial life on a couple of occasions.

Number two is to ask your bank manager for their opinion or advice. A bank manager, who deals with commercial accounts, very often has a tremendously accurate sense for what kind of businesses will succeed and what kind will not. One five minute interview with my bank manager a few years ago saved me two hundred thousand dollars in an investment. He pointed out to me the weaknesses in the particular business I was looking at getting into, and I had no answer for him. So I did not go into the business and the people who did lost everything they put into it. Your bank manager may be one of the very best sources of business advice.

Number three ask your friends, family and acquaintances for information. Family members are very good targets for market research. Ask your family and friends if they would buy the product or service that you are thinking of offering. How much would they pay for it? Listen to their questions. Listen to their criticisms. Listen to their concerns. Because if you cannot answer their questions and concerns in a logical and believable way, it could be there’s something wrong with your idea.

The fourth way is to do market research, visit prospective customers for the product or service and ask if they would buy it. If you are thinking of selling something to a company, go to the type of company you would sell it to and ask if they would buy it if you produced it. If you are thinking of selling something through retail, go to the retailer and ask them if they would buy it or sell it. Ask the customer. Customers are very open and very candid and sometimes they will give you insights that will be worth their weight in gold. If you are going to sell through a retailer, ask the retailer if they could sell the product if they were carrying it. Why or why not?

“Remember, Success is Always Within Reach”

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