Before diving into a new project, take the time to think about its feasibility, costs, marketability, acceptability, applicability, and definition of success. Why would you want to start a new venture, usually to make money! The structure of our society compels the generation of funds. The fungibility of money translates into the ability to accomplish goals and objectives in our daily lives.
As an example, let’s assume you wish to create a website to deliver Forex services. Forex stands for foreign exchange; it’s an accessible medium for trading currencies for many traders. Low cost of entry, easy access to leverage along with twenty-four hours of operation six days a week, makes this an attractive alternative to traditional trading methods such as stocks and bonds. Services in our example will be information products, some you will create yourself, and others that you will resale.
Is the project feasible, can it be done, with your resources? Can a Forex website bring in enough money to pay for itself plus profits? Feasibility does indeed seem possible due to a large number of Forex websites in existence. Many sites do not constitute proof, conduct additional research to consider how profitable. What new angle can you bring to the world? Maybe your niche will be accepting cryptocurrency for all transactions?
When we ponder costs, don’t forget about the opportunity costs along with the expenses. Can you think of something better to do with your time? Most likely you will develop new capabilities, will you be building transferable skills? Creating a website involves some technical skills that you could learn if so inclined, it is possible to outsource some tasks. Again we see the old saw; you are going to pay either time or money. Take an accounting of what it will cost you to get resalable products and or what you will need to make your own.
Are you able to sustain the venture without undue hardship? A pro forma sheet can be helpful when planning future business expenses. Keep a keen eye on possible costs and hidden liabilities. Regulations and laws are ripe with surprises for new enterprises, thoroughly research any planned expansion such as hiring employees. The amount of red tape that you have to deal with may not outweigh the benefits you will receive. The goal is to eliminate unexpected obligations. There will, of course, be unforeseen events; navigatable best by the person who is best prepared to deal with the issues that are predictable.
A website cannot be profitable solely because it exists, think regarding what value a site can bring to your potential customers. The more goodness you can give to people the more capital you can make. Do you think that the products that you offer are valuable? It is nigh impossible to sell something that you do not believe has value.
Now is the time to think about your marketing strategy? How will you attract customers? There are many methods available from, email lists, search engine optimization, advertising, blogging, joint-ventures, affiliates, cold calling, farming, word of mouth, and many others. Pick a combination of methods that agree with your marketing budget. You will pay with time or money so select your mix, make a plan and be ready to take action.
“Acceptance” by Bernard Goldbach is licensed under CC BY 2.0Would you be comfortable telling someone you respect that you are involved with your project? Respect is difficult to earn and easy to lose. Consider the effect your actions will have on your reputation, hiding behind a facade will not ease your soul. Just, do the correct and professional thing every time. When you know deep down that you have given it the appropriate amount of effort, rest easy. Forex websites are ripe with charlatans and hucksters, think of ways to combat the initial negative impressions that some may have of your business. Do you have the force of will to stand up to criticism?
Do you have or can you learn the right skillset to be successful at what you wish to accomplish? Do you even like what you plan to do? If you are doing it merely for the money then good luck. Working on something you dread does not lead to long-term happiness, no matter how much dinero you make.
Do you currently trade in the Forex market, would you use the products that you are trying to sell? Have you got the coding skills to develop trading robots? Are you an exceptional organizer who can outsource everything and keep tabs on how your operation is running? Find out how to use your strengths to your advantage and figure out how to outsource your weaknesses, over time you may be able to gain additional capabilities, but at the onset of your business make plans for mitigating what you lack. It may be possible to take on a partner who is strong where you are weak.
What does success mean to you? Ah, we all want to be a success, but unless it is defined unambiguously, we can never reach it. Success is not some general feeling of doing well; success is a goal achieved. So be sure to specify your goals concretely so that you can measure your achievements. In the case of our Forex website success could be defined successively with each goal being more demanding than the previous. Initially, the goal could be that the website recoups all the monetary expenses invested in the operation. Next, you could want to value your time at a particular rate say, one hundred bucks an hour? Tracking your time versus income minus investment would reveal the hourly rate that your site is paying you.
Should you start your venture or lay it aside. Taking time for it to fester in your brain is not a wasteful activity. Creativity flourishes when your mind is at rest, so after thinking about your new venture for some time let your subconscious dwell on it for a while. Ultimately, you could decide that what you planned to do is not feasible, and that would be a good thing, you would then know what you do not want to do, along with some skills on how to think about what you may want to do in the future. The information and research conducted will reside in your subconscious and may unexpectedly prove useful when your creativity demands it.