The first action a new business owner takes might be the single most important decision they make toward their business success. In fact, when reformulating or re-branding their business, the first action may be very similar to the first action they took when first starting out.
It is assumed you know what your product or your service either is actually or conceptually and now we are discussing your first action step. What will this first action be?
Here is a list of some of the actions people answered when asked the question: What is the first action for a new business owner?
- obtain a loan
- lease space
- design a website
- print up business cards
- create a logo
- write a book
- buy advertising
- hire employees
- draft up a marketing plan
- form your corporation
- buy a new wardrobe
- join a mastermind group
- arrange for daycare
There are many more actions people listed as the first action for a new business owner to take. Many of these items are critical and important in their own right. Are any of these the first action for a new business owner to take?
No. It is time to reveal the absolutely number one first action for a new business owner to take – test.
Test your premise. Test your product. Test your service. Test. ABT. Always Be Testing.
This is especially the case in the beginning before one single minute or dollar is spent on anything else. As essential when reformulating, revising, re-branding or re-anything of a business.
The stare given to me upon making this statement is the stare of a deer in the headlights.
A frozen look of the eyes and face which rapidly contorts into a – WHAAAAAT!
The importance of conducting the test is multifaceted. The most obvious is would someone pay for your product or service? Clearly the product must speak for itself.
Either as a food item or helpful item or toy of some type, you need to know if a consumer will pay for it and more importantly would they pay you for it? The service you are offering, will a client or customer obtain the value from your service where it is obvious they will pay you for this service? This is the purpose of the test which is obvious.
The other point of the test is to determine in the real world, not in your garage, do you love it? Do you really, really love creating and selling this product or service? This is the start, the very, very beginning. The answer better be a resounding and absolutely YES! being screamed to the heavens above!
If not, well that is why you ran the test.
Mitch Tublin is an advanced certified executive and personal coach who resides in Stamford, CT.