Every time we identify a new market, or consider a new venture or solution, I try to run through these questions before committing the time, energy and manpower:
- How large is the market? And the profit potential?
- How competitive is it?
- Do we have a unique niche or advantage to exploit?
- How costly will it be to build, promote, and support?
- How long will it take to build?
- How hard is it to support?
- Are there any legal issues?
- Do we have the in-house skills to do it? Or does it need to be outsourced?
- Can it be outsourced more affordably while maintaining quality?
- Is it the right time to do it? Company? Market? Team?
- Will it disrupt, distract or negatively affect our other work and business in any way?
- Are we passionate about it? (Probably the most vital to the success of any project in my opinion)
- NOW … weighing these answers, should we push forward and do it?
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