The ONLY unfair advantage you need to run a successful restaurant is a starving audience said the renowned copywriter and businessman Gary Halbert.
The image shows you the Top 20 Reasons that 101 startups failed. This report was done by a popular research company named CBI Insights.
The #1 reason is that there is NO MARKET NEED!
There is a HUGE MISCONCEPTION in the market that you can make a living out of what you are passionate about, what you love, what you care, or what your son/daughter likes.
PEOPLE DON’T CARE ABOUT YOU. THEY CARE ABOUT THEMSELVES.
Before you create your lead magnet
Before you create your funnel
Before you create your youtube videos
Before you do your Facebook live
Before you create your facebook page
Before you spend $10,000 on your website
Here are three steps you should do before you do any of the above…..
VALIDATE YOUR BUSINESS
See whether people are ready to pay for what you are passionate about, what you want to do, what you are selling.
HOW BIG IS THE CROWD?
Is the market huge enough for you to make a $100,000? Are there enough people who have the problem that you want to solve.?
WHERE CAN YOU FIND THEM?
You should know where the crowd already hangs out. Are they buying stuff on Amazon? or are they visiting the malls? or are they on Facebook? or are they on LinkedIn?
There are many ways to check these three. You could check on online marketplaces whether similar products are available in the market or not and are they selling or not.
These three small steps can help you avoid spending over hundreds of thousands of dollars online/offline advertising or building a product that nobody wants and finally end up in the trash bin.