Too many new business owners, especially those that find work home business ideas to start, don’t take the proper steps in evaluating their company before they begin and during it’s early growth phase.
In this post I’m going to show you what to consider when it’s time to re-evaluate your brilliant business idea.
4 Questions To Consider
I use 4 key questions as a starting point to determine whether or not you should reconsider your current business model. Can you easily pinpoint each of the following?
- Revenue model. Regardless of how much money you’re currently earning, what are you expecting your business to earn? From what sources? On what timeline?
- Website traffic. How much traffic are you getting, on average, per page of your website? Is your market area filled with high potential keywords, or is it plagued with competition and low search volume?
- Market fit. How much do you really know about what your customers want? Can you point to any data that shows you’re standing on firm ground?
- Growth strategy. Do you know where you want your business to be in 6 or 12 months? Do you have a realistic plan in place for getting from where you are today to where you want to be?
Evaluate Potential, Not Current Earnings
As you’re considering these questions, you should keep your mind focused on the realistic potential for your business.
Especially when your business is less than a year old, it can be misleading to look at what your progress or current earnings figures are. The reason is due to the way that most sites will grow over time, so just because you have little to show for your work at the 3 month mark, doesn’t mean success isn’t just around the corner!
Focusing on the potential rather than current earnings makes sure that you’re evaluating your business based on its long term merits, not its growing pains.
Adapting vs. Moving On
When you’re evaluating your business ideas on these points, it’s important to be blatantly honest about where you are and what your expectations are.
Even if you’ve been working on your business for a few months, sometimes it’s time to reconsider your approach and either adapt your business or move on to another project.
While no one likes to abandon an original great idea, the reality is that success online is about constant iteration and adaptation.