One Liner #40: Do Your Homework!

by Pat Hammond on Tuesday, October 06, 2015

Photo Sister Studying from Ignacio Leonardi on freeimages.com

A Little Bit of Effort Can Save You a Big Headache...

If you're like me and seem to have brilliant ideas at the same rate other people fart then you can appreciate the appeal of jumping right into new projects.

Embracing your passion, striking while the iron's hot, breaking your neck because you didn't check how deep the was water first. Yeah, that last one's a doozie, but what can you do? It's just the cost of being creative, right?

For one thing you could save yourself a lot of trouble by doing your homework.

Believe it or not, I'm one of those people who thinks it's a-okay to dive right in, but only after I do a little research first.

I can feel you rolling your eyes as I embark on another rant about planning, but is it really that much of a hassle?

We're talking about 30 minutes. Surely if your idea is as stellar as you think it is it can hang in there for half and hour while you kick the tires and check under the hood.

  • define your market
  • identify your competition
  • think about production
  • figure out how you're going to market it
  • what is the cost to produce & deliver?
  • how much will people pay?

It doesn't have to be a doctoral thesis, but you do need to think about these things before you allocate resources. Trust me, that half hour you spend thinking about the basics of product development will save you a ton of pain down the road. To make the job even easier, you can use one of our handy Business Model Canvases. With canvas options for basic business, production, marketing and revenue planning there's no excuse for not doing your homework.