If you’ve followed along with our planning process you’ve already done a ton of the pre-planning work for your competition. You’ve figured out:
- Who you are targeting
- How you will differentiate
- When and where it will be
- What your pricing and budget will be
- Who will be on your planning team
That leaves one critical step – should you continue? “Wait, what? I’ve done all of this work and now you are saying I should quit?” Maybe. You owe it to yourself to have very frank assessment of what you found out in the pre-planning process. For example, you might have the best idea in the world, plenty enough time to pull it off, but lack the resources. If so, put it off until you do.
Maybe you have the team, idea, amazing location, and time to pull it off, but the margins are too thin. Delay until you’ve solved the margin problem. The combinations are endless, but the point is the same—if there are warning signs this early in the process—move no further until you fix them. Trust us, they only get worse later on.
To help you in this pursuit we’ve created a simple go/no-go assessment.
|1. Do YOU want to do it? (You’d be surprised how many people just do it because they’ve done it in the past.)|
|2. Does your team want to do it? (You won’t succeed without them.)|
|3. Do you have a team with the right skills and availability?|
|4. Does the budget template show you will make an acceptable profit?|
|5. Are you 100% clear on who you are targeting?|
|6. Can you name 1 major way your competition is different than the ones around you?|
|7. Are you at least 3 months away from your proposed date?|
If you answered no to any of the seven questions, fix the issue before you continue.
Often times there are some easy fixes, but sometimes there aren’t. If you need help figuring out a solution, schedule a free consult with us and we are happy to help. And don’t forget—one of the solutions on the table is don’t do it…and that’s ok.