OOYR NOTE: One of the goals of OutOfYourRut is to promote new and exciting business ideas. We’re all entrepreneurs at heart and one of the biggest challenges we have is in deciding what might be a worthwhile business idea. I believe that Phil Toler has come up with just such a concept, and we’re throwing it out there to see who might see the potential and want to partner on the ground floor. You’ll be given an opportunity to weigh in via email at the end of the post. Give Phil’s proposal a read and see what you think. If nothing else, let us know in the comments section what you think of the idea and give any marketing suggestions you can offer. We’ll welcome any business ideas you have as well. Thanks for stopping by!
By Phil Toler
It seems counterintuitive that a recession is a great time to start a new business, but Kevin makes a convincing case in his article, 7 Reasons to be Self-Employed. But deciding to initiate a start-up and conjuring a viable product or service that can be sold in a down economy are obviously very different matters. Even after one has that Eureka! moment and is boiling over with anticipation to get rolling, the following factors must be considered:
1. Since credit is in virtual lock-down at present, can the venture be funded out-of-pocket or with limited funds?
2. If one is contemplating producing a real product, what facilities and tooling will be required?
3. Is there a well thought out marketing plan that is sufficiently flexible to adapt to market changes or unforeseen challenges?
4. Will the product be seen as a value?
5. Can it honestly be claimed that it will save the buyer money compared to competing products?
If the answers to these questions can be presented to a savvy investor without getting ripped to shreds, then one may take a great deal more confidence into the venture, and possibly more capital.
