Small Business Q & A: How To Tell If Your Amazing New Product Idea Is Really Worth Gambling On

Written by Tim Knox


Continued from page 1

Before you invest too much time and money into your idea, do a little research to determine if it's an idea that's really worth gambling on:

·Researchrepparttar market for similar products. Again, if there are no similar products onrepparttar 104818 market that might mean there is no market for that product. If there truly is nothing exactly like your product, research similar products that fill a similar void inrepparttar 104819 consumer's life. Learn all you can about such products: pricing, market share, track record, etc. ·Researchrepparttar 104820 competition. As mentioned earlier, if there is no competition there may not be a market for a product like yours. If there is competition, researchrepparttar 104821 competition fully (little guys and big guys) to help determine if you can realistically compete for market share. ·Identify your target customer and ask them for an honest evaluation ofrepparttar 104822 idea and its marketability. Avoid friends and family as they usually just tell you what you want to hear. If your target customer is a 35 year old female, pitch your idea to every 35 year old female you meet and gauge their response. Just don't break any stalking laws inrepparttar 104823 name of market research… :o).

The best advice I can give you when it comes to amazing new product ideas it's best to follow your head and not your heart. It's a lesson that took me years to learn. If I had a nickel for every amazing new product I've invested in I'd go play a few hands of poker.

Here's to your success!

Tim Knox tim@dropshipwholesale.net For information on starting your own online or eBay business, visit http://www.dropshipwholesale.net

Tim Knox as the president and CEO of two successful technology companies: B2Secure Inc., a Web-based hiring management software company; and Digital Graphiti Inc., a software development company. Tim is also the founder of dropshipwholesale.net, an ebusiness dedicated to the success of online entrepreneurs. http://www.dropshipwholesale.net http://www.smallbusinessqa.com


Small Business Q & A: What's In A Name? When It Comes To Your Business, Plenty!

Written by Tim Knox


Continued from page 1

One good way to approachrepparttar task of naming a business is to do so from your customer's point of view. Your business name should clearly define your offering and communicate your message to customers. Put yourself in your customer's shoes for a moment. If you were looking for a business that provides your product or service, what would you expect that business to be called? If you were inrepparttar 104817 market for computer parts, for example, wouldn't you look for a business that has "computer parts" reflected in repparttar 104818 business name? Jim's Computer Parts may not sound as snazzy as Jim's Electronics Emporium, but snazzy doesn't payrepparttar 104819 bills. Happy customers who quickly identify you asrepparttar 104820 source of their purchase do.

The name of your business can also spark subconscious reactions in a customer that may drive them to you or drive them away. Words like quality, complete, executive, best, low-cost, and on time often spark positive reactions inrepparttar 104821 mind ofrepparttar 104822 consumer. Words like cheap, discount, and used tend to create negative emotions. You'll notice that no one claims to sell used cars anymore, butrepparttar 104823 dealer lots are loaded with vehicles that are "previously owned."

Finally, let's talk about things to avoid. Experts agree that you should avoid using generic terms like enterprise, corporation, partners, and unlimited as part of your everyday business name. These terms are fine forrepparttar 104824 legal business entity name, but are often too unclear for everyday use. Can you tell me what any of these companies do: ABC Corporation, Big Dog Enterprises, M&B Partners, and Discounts Unlimited sell? I didn't think so.

Also avoid abstract names like Yahoo, Google, Monster and Flip Dog (I am not going to listrepparttar 104825 names ofrepparttar 104826 numerous local high tech firms that have bucked this rule :o). Abstract names will require a subtitle to explain whatrepparttar 104827 business does or an expensive marketing campaign that brandsrepparttar 104828 name intorepparttar 104829 minds of consumers. Unless you have deep pockets, I suggest you go with a name that describes your business at first glance and leave abstraction torepparttar 104830 likes of Cher.

Finally, you should avoid hokey names, unless of course, you are starting a hokey business. Crazy Dave's Stereo Shop is a great name ifrepparttar 104831 business is really run by Crazy Dave and his personality is exploited inrepparttar 104832 marketing ofrepparttar 104833 business.

However, if you want to be taken serious, then give your business a serious name.

Would you go to Crazy Dave's House of Dentistry?

Neither would I.

Here's to your success.

Tim Knox tim@dropshipwholesale.net For information on starting your own online or eBay business, visit http://www.dropshipwholesale.net

Tim Knox as the president and CEO of two successful technology companies: B2Secure Inc., a Web-based hiring management software company; and Digital Graphiti Inc., a software development company. Tim is also the founder of dropshipwholesale.net, an ebusiness dedicated to the success of online entrepreneurs. http://www.dropshipwholesale.net http://www.smallbusinessqa.com


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