Measuring Your Market
Is The Water Warm Enough: Testing the market potential of your next BIG idea!
Starting any new venture, small or large, requires an investment of resources that could be spent more profitably elsewhere.
And many people jump right into starting a new project because they have a ‘gut feeling’ it will be successful, rather than any solid facts. The result might be a big money-earner, could be mediocre, or could end up becoming a money pit that drains valuable resources. Nothing is a given, but why take more risk than you have to?
Smart entrepreneurs do the groundwork testing of an idea before they decide to go ahead with it at all. That way, they can make sure that both their time and money are well spent on the ventures that have the most likelihood of success. However, most small business owners and entrepreneurs don’t take a very structured approach to figuring out whether to pursue an idea.
Fortunately, you can learn our "4-Steps to Success" for testing the market potential of your next BIG idea!
By the time you finish this course, you’ll be able to:
- Evaluate new project, product, or service ideas using a 4-step process that will help you determine whether to invest additional time and resources into implementing it.
- Assess the potential for earning income from your proposed project, so that you can gauge whether it is a viable business idea.
- Identify the needs and challenges of your market in relation to what you have to offer, so you can estimate the potential customer demand.
- Answer essential questions about the possible longevity of your product or service, so you can decide whether your idea will be able to grow over time.
- Determine the unique qualities your product or service can provide and evaluate it against what your competitors have to offer, so you can see whether there’s an opportunity to carve out your own market or edge out the competition.
Your Instructor
Wendolyne C. Buckner is the CEO & Founder of LACE for Life Coaching & Consulting, LLC. He is a Certified Project Management Professional and a Certified Professional Coach with over a decade of experience in shifting paradigms and mindsets in order to facilitate change within organizations and individuals. After graduating from the Detroit Public School system, he was accepted to Morehouse College in Atlanta, Georgia where he earned his BA in Accounting. He then began a career in Accounting and later transitioned to the field of Information Technology Service Management (ITSM). Throughout his career Wendol has worked in many different organizations, from banks, to CPA Firms, and even a construction company. He has also held responsibilities as a Non-profit Board Member, Financial Secretary, Church Ministry Chairman, Deacon, and Sunday School Facilitator over the past 15 years, and currently serves as Treasurer and Executive Board Member of the International Coach Federation (ICF) - Maryland Chapter. He uses all of these unique experiences - educational, professional, spiritual, and personal - in order to support others in bringing new levels of achievement, satisfaction, happiness, and personal freedom to their lives. In addition to directing his business as a coach|consultant|trainer|speaker, Mr. Buckner is a contributing writer for websites such as BlackLifeCoaches.net, BLCLife.com, and the Society for Financial Education & Personal Development, as well as the host of his own radio show, "Life Lines", on the Life Coach Radio Networks.
Frequently Asked Questions
At the completion of this course, you should have a clear indication of whether or not to bring your product or service to market. Let’s review what you learned as well as what to do going forward.
When you break your product or service evaluation into 4 steps, it helps you determine at each step whether to move forward with bringing your product or service to market or not.