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Ways to Failure Proof Your Phoenix Arizona Business
Launching your own Phoenix Arizona business can be exciting. It’s an adventure that not everyone embarks on, and the rewards can be great. But it is not without its risks.
There’s all that time and money you have invested into the business, and if it fails, it could all be for nothing.
Luckily, there are some ways to test your business to minimize the risk of failing even before you officially launch. Here are 4 strategies you can try to failure proof your business in Phoenix Arizona.
1. Test it out with a venture capitalist.
Venture capitalists are investors who provide money for small ventures. In general, they know their business and are honest with business owners. If the idea isn’t good, there’s no way a venture capitalist will invest in it so pitching your idea to a venture capitalist is a good way to find out if your idea is good or not. Bring along your business plan and demo product to your meeting.
2. Show product retailers your product prototype.
Product retailers know what they are doing when it comes to products — they know what consumers want. Seek the opinion of product retailers if you are planning to sell products. Visit a retail store that sells similar products and talk to the purchasing manager to see what he or she thinks. Bring a prototype or even a drawing if you don’t have a full prototype. If you are lucky, the retailer may love your idea and want to sell your products once you launch your business.
3. Try to get your idea licensed.
Even if you are not planning to license your idea, you can get some valuable information from trying to get it licensed. If you pitch the idea and potential licensees like it or seem intrigued, take it as a good sign. It is their job to know a good idea when they see one. If they don’t like it, ask for feedback and go back to the drawing board.
4. Gather consumer feedback.
Getting honest feedback from the people who will eventually be buying your products or using your business is a great way to see if you can be a success. Go beyond asking your friends and family, and test the idea with your target demographic. Conduct surveys, product demos and split testing to find what consumers like about your business or product, and more importantly, what they don’t like.
Starting up a Phoenix business is a big endeavor, and one that requires a lot of research. Before you go launching your new business, try out any or all of these 4 strategies to help you minimize your chances of failing. If you need any legal advice regarding your business venture, please contact the Phoenix business lawyers at Gunderson, Denton & Peterson, P.C. today.
Written By: Brad Denton
1930 N. Arboleda, Suite 201
Mesa, Arizona 85213
40 N. Central Avenue, Suite 1400-1532
Phoenix, AZ 85004
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