Darlington Raceway has signed Coastal Carolina star QB Grayson McCall in the first lengthy NIL partnership between a NASCAR racetrack and a college football player. The post Darlington Raceway signs McCall in rare NIL deal appeared first on Buy It At A Bargain – Deals And Reviews.
Red Bull have signed a multi-year partnership with cryptocurrency exchange Bybit in what the Formula One team said was the largest annual crypto deal in international sport so far.
You know, the kind of idea that makes you want to grab strangers by the shoulders and explain the whole thing in a rush. For the next few hours or even days, you find yourself revved up in high gear, eager to turn your big idea into reality.
It’s an awesome feeling.
There’s only one problem: what comes up must go down, and sometimes big ideas do just that – they flop, hard.
You could shrug it off and say that failure is really a learning experience, but wouldn’t you rather learn how to avoid those product flops so you can save yourself time, money, and heartache?
I know I would.
Here are seven warning signs your big product idea is about to flop — and seven ways to avoid landing with a splat:
1. You Keep Changing Your Mind
You’re burning through your project and you’re totally jazzed. Everything’s going great! It’s such an awesome idea.
But it would be even better if you add this one element.
Wait, no – maybe you should do this instead. That’d be awesome.
Or maybe you should change that – it would make your project even better! It’ll crush all of the products in the niche!
Sound familiar?
Business old-schoolers call it “scope change,” and it can seriously hamper your progress. The more you push the boundaries and keep adding to your project, the more it becomes a time-consuming, cost-heavy monster that never ends.
Risks go up, your schedule gets trashed, deadlines get blown and quality goes down.
The solution?
Give yourself a set amount of time to do research and plan the scope of your project before you start. Take a few days, weeks, or months to really think things through. It’s okay to waffle then because no one else is watching, and you don’t have to backtrack.
But once that time has expired, stop, make the decisions you need to make, and move forward. Look at it as a deadline. You can change your mind up until a certain day on the calendar, and then after that, you stick with the plan until you’re finished.
2. You Haven’t Figured Out the Price
Most people don’t bother to figure out what their business idea will cost them, not only in terms of money, but also time and opportunity costs. They just latch on, run with their idea, and work like mad for weeks, investing their time and money blindly.
Then six months after launch they wonder why they’re broke, exhausted, and feeling trapped.
Before you undertake a project, figure out what it’ll cost you:
Overhead Costs: Will you need office space? Employees? Equipment? Will you have to pay travel expenses? What are the total hard costs?
Salary Costs: What will you pay yourself? Even if you’re living on savings, it’s still an expense. Write it down.
Opportunity Costs: What opportunities will you have to give up? How much will that cost you in both the short-term and long-term?
Time Costs: When are you going to work on it? Also, what are you currently doing in those other hours that you’ll have to cut out? Will you sacrifice sleep? Time with your family? Overtime at work?
Once you’ve calculated the true cost, ask yourself if it’s a price you’re willing to pay. Your idea might be fantastic, but if you don’t know what it’s going to cost you, chances are you’ll never finish.
Before starting a project, make sure you know exactly what it will cost you.
3. You Think All You Need is Time
You’ve done the math and decided that there’s no major financial investment involved, just your time. Maybe a few weeks of hard labor, maybe a few months. You just have to buckle down and do it.
But here’s the big question: who’s paying the bills in the meantime?
Every hour you spend working on Project X is an hour less you can work on other income sources. If your time is worth $100 an hour, do you really want to invest 1,000 free hours into a project that might make you $5,000?
If you do, you’re essentially investing $100,000 for a $5,000 return. Not smart.
The reality is, you might lose money — and that isn’t always a bad thing. In fact, becoming a multi-millionaire can require losing money, as I’ve mentioned before.
But if you aren’t considering the cost of your time, you could end up with a flop.
If you want to be successful, figure out your hourly rate, and then delegate or outsource any tasks below that rate. Sometimes, you’ll be better off working for someone else and funneling that income into paying freelancers than quitting all of your projects and cutting off all of your income streams.
Smart business people invest their time wherever they’re getting the best return.
4. No One Seems to “Get” The Concept
This is one of the biggest red flags that your product is going to flop. Sadly, most people get so excited about their big idea that they don’t see the forest for the trees.
It goes like this:
You excitedly explain your product to a few people, but they don’t seem to get it. You explain even more. They seem unsure. They ask questions. You answer, but they hesitate. So you slow down and try to explain it as simply as possible, but you still can’t seem to get through.
Maybe they aren’t as smart as you. Or maybe they just don’t get it. Maybe they aren’t in your target audience.
But here’s why it matters: if your customer doesn’t understand the idea, it doesn’t matter how brilliant it is. It’s going to flop.
So, pay attention to people’s reactions. At which point in the explanation do they seem to get confused? What part don’t they understand? Where are you losing them?
These are the places you need to clarify. There’s a missing link somewhere, and you need to find it now, not later.
Or maybe you just need to get a new idea.
5. They Get It, but No One Seems Interested
Sometimes, people get your idea, but they shrug their shoulders and say, “So what?”
Maybe they point out that someone else has done it already, or maybe they don’t see the problem you’re addressing, or maybe they think it’s just plain boring.
They’re polite and they listen to your idea, but not for long – their phone or their email is far more interesting.
Watch out for that lack of interest, because no enthusiasm means no sales. You know you’re on track when:
They say, “I’ve been dealing with that for years. Can you really fix it?”
They laugh, cry, or get angry. The stronger the emotional response, the better the idea.
Their eyebrows go up, and ask, “Is that really possible? That would be great!”
They bring your idea up again the next time you see them. It shows they’ve been thinking about it, which is exactly what you want your prospective customers to do.
If you don’t get one of those responses, find out why. What do people really want? What do they need? What’s missing?
You might be able to adapt your big idea to fulfill that demand.
6. You Don’t Really Believe in Yourself
You might really, really want to get your big idea off the ground, and you believe it will succeed, but you secretly wonder whether or not you can pull it off.
Maybe you’re an engineer, and you don’t have any confidence in your ability to sell. Or maybe you are a digital marketer, and you struggle with keeping accurate financial records for investors and bankers. Or maybe you’ve never managed anyone before, and the idea of hiring and leading a staff scares you.
You’ve tried to stay positive, but deep down, you doubt yourself. You hope you can do it, but when you talk to other people about your idea, you can feel your insecurity bleeding through.
The truth?
If you don’t believe in yourself, no one else will either. People have a sixth sense for uncertainty, and they’ll pick up on every signal of self-doubt you’re sending out. It can kill even the best ideas.
No one expects you to be perfect, but getting any idea off the ground requires leadership, and people expect leaders to be confident. So work on it.
The best way to build self-confidence is to start small and get some early wins.
If you are worried about sales, start generating leads you are certain will convert into sales, and approach those first. If you’re worried about financials, get example reports, and then start with the ones you understand. If you’re worried about managing people, start by hiring smart, ambitious people who don’t need much handholding.
Make it easy for yourself, and grow into the person you need to become.
7. You Can’t Seem To Find the Time for Your Idea
This is probably the most common sign of an impending product flop: you know your project will be a success — yet you can’t seem to find the time to work on it.
You keep pushing your idea aside. Other work comes up. Something else is more urgent. You’re busy. You push back your own deadlines and keep setting your big idea on the back burner.
It’s probably because you’re scared.
Maybe you’re afraid your big idea won’t succeed (even if you’re pretty sure it will). Or that it actually might succeed, and you won’t know how to handle it. Or that you’ll make mistakes and get laughed at, losing the respect of the people you admire.
Whatever the reason, if you find yourself procrastinating, sit down for a little introspection session. Think about why you’re not working on that big idea. Ask yourself:
What life changes you think would happen if you complete it?
What do those changes mean to you?
Why do you want to avoid them?
Are they realistic concerns?
What is the worst-case scenario?
Be honest with yourself. Often, reality is far different (and easier!) from what we imagine.
Maybe after some introspection, you realize the big idea isn’t going to be good for you. Sometimes our gut instinct sends warning messages that we should pay attention to – just because a project will be successful doesn’t mean it’s the right success for us.
And if that’s the case, then there are plenty of other – better – ideas for you to pursue. If there’s one thing I’m sure of, it’s this:
The next big idea is always right around the corner.
Conclusion
Not all great ideas are destined to be big hits. However, many of the largest companies in the world started as just one good idea. Review the warning signs above and make sure you are in the best possible position to move forward.
Then, it’s time to start digging in. Start by getting to know who your audience really is and do some market research. Create a business plan and don’t forget to consider outsourcing tasks that you don’t have the time — or the knowledge — to tackle.
Are there warning signs your business is failing in the decline of the economy? There could be. By knowing the signs you can take action and help keep things running even during the worst of time. Right now, the problem is COVID-19. The Federal government and state governments are working hard to help small businesses, … Continue reading 5 Warning Signs Your Business Is Failing in the Decline of the Economy
Are there warning signs your business is failing in the decline of the economy? There could be. By knowing the signs you can take action and help keep things running even during the worst of time. Right now, the problem is COVID-19. The Federal government and state governments are working hard to help small businesses, but you can do something for yourself as well.
There are Warning Signs That Your Business is Failing in the Decline of the Economy, but What You Can Do About It
You can see the impending doom on the horizon. Its building like a sand storm and you can’t promise you will not be buried in it. The decline of the economy is inevitable, and you cannot promise your business will survive.
Our economy runs in cycles, with waves of good times and bad coming in like clockwork. The fact that a rise or decline will come is pretty much the only predictable part however. No one knows when the economy tide will change, only that it will. If things are good, you can bet eventually the decline of the economy will come. If your business is to make it through the sandstorm of hard times, you have to know the warning signs.
You may think you are safe if your business is already established. While it is true that it is much harder for a new business to stay afloat during the decline of the economy, research shows that 50% of small businesses fail in the 5th year, and as many as 30% go belly up in the 10th year.
The news is depressing, but if you can spot the warning signs you have a fighting chance. You may not be able to stop the storm, but if you can see it coming, you can at least board up the windows and ride it out with as little damage as possible.
COVID-19 and the Decline of the Economy
The federal government is working to try to stem the tide of business failures. This includes SBA Paycheck Protection Program funding. But you’re going to need to be in business to take advantage of the financing.
Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.
How do you keep your business from failing? If you are already sinking, how do you reverse the damage? Sometimes you can’t. Sometimes the decline of the economy is too much. Don’t give up though. If you’re taking on water, we can help you do more than scoop it out with a plastic cup.
Set Yourself Up for Success
Wherever you are in the life of your business, now is the time to set yourself up for success. Don’t wait another day. In order to protect your personal finances and build business credit, you need to separate your business from yourself. Doing so on the front end is easiest, but many business owners do not know the importance of this when they first start. Building business credit is vital for the survival of your business, and protecting your own personal liability is a necessity at all times. Here are some ways to make it happen:
Incorporate as an LLC, S-corp, or corporation. Do not operate as a sole proprietor or partnership. If you do, you and your business appear to be one in the same.
Get an EIN. They are free at gov and act as an identifying number for your business, similar to your personal SSN.
Open a business bank account. It should be used exclusively for business expenses. This is another tip that also helps at tax time.
Go to the Dun & Bradstreet website and get a DUNS
Make sure your business has its own telephone number and address that is not your personal telephone number and address.
Have a professional website created that does not use a free service. The web address needs to be paid for, and you need a dedicated email address that uses the same URL as the website. It can’t be Yahoo or Gmail or some other free email service.
These things will help you not only when it comes to taxes and liability, but also when you are trying to establish and build business credit, which is essential for the growth of a business.
Prepare for the Unknown Known
While that sounds crazy at first, there really is an unknown known out there. The economy will take a dive. It is a fact of life just like birth and death. That is the known. The unknowns are the how, why, and when. How do you prepare for something like that? You cover all your bases. Here are some things that can cause a business to go down during the decline of the economy along with some tips on how to prepare for them.
Cash Gap
Prepare for this by getting your business credit in order on the front end. Establish and build business credit so you can access the cash you need to bridge the gaps that are bound to show up. Setting up your business as a separate entity is the first step in the business credit building process.
Gaps happen for a variety of reasons. Sometimes they are temporary timing issues, and sometimes you are leaking cash faster than a dam with a hole in it. If your business credit is strong, you can access credit cards or a business line of credit to help you shore up the leak while you look for a more permanent fix.
Without a solid business credit foundation, you will have a hard time finding the cash you need to fill the shortage, even short-term. Without access to cash a business cannot survive.
Growing Too Fast
You have to start slow. If you dive in before you are ready, you’ll cramp up and never make it to the other side. Take things one step at a time and research everything before you take the leap. Want to expand? Make sure you can handle the financing. Want to open a new location? Double check demand to make sure it’s there.
Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.
Trying to grow too much too fast is a sure plan for disaster, especially if the economy is in decline.
You Don’t Have a Plan
You had to write a business plan to get a business loan in the beginning. Even if you were solely founded on the backs of investors, they probably wanted to see a plan. It should already be there, in writing. Use it!
Work the plan you started with, tweaking as needed. It was good enough to get you started, and with minor adjustments for growth, it should be good enough to keep you going even in a decline of the economy.
Working without a plan is like heading into the dust storm naked. If you survive, you will have much damage to repair.
Not Focusing on the Endgame
While branching out is a great thing in many cases, you can diversify too much. For example, if your specialty is pizza, and you want to add other entrees to the mix, that may be a great idea.
However, if you are a pizza shop and you decided to sell hunting equipment also, you may run into problems.
Find what you are good at and stick to it. Before you make any decisions on diversifying product lines, do the necessary research to determine whether or not that is the best plan of action. It may sound good in theory, but will it create profit? This is where good market research and a healthy dose of reality comes in handy.
Not Retaining Good Employees
If you have great employees, treat them right. Offer benefits, time off, fair payment, and appreciation as much as is in your power. Showing appreciation for a job well done is crucial to keeping good employees, and keeping good employees is vital to the success of a business. This is especially true in a decline of the economy. Starting over with new workers in hard times is not an easy task. Keeping the people that already know your business and do their jobs well is a much better recipe for success.
Is Your Business Failing in the Decline of the Economy?
Maybe it’s too late for prevention. Maybe you are already going down and you need a rescue plan. How do you know? What does it look like when a business starts to fail?
There are many warning signs, but these seem to be the most common.
You consistently can’t pay your bills.
Sales are steady but you have a ton of old receivables on the books.
Inventory is too high.
Your employees keep leaving.
There’s no chatter about your business.
While these aren’t always bad signs, they usually are. It might not be too late though. Let’s look at each one and see what can be done.
Inability to Meet Financial Obligations
If you have that business credit foundation we mentioned before, you can buy yourself some time here. Figure out a way to pay now, or ask creditors for more time. Then set to work figuring out the problem. Is it a timing issue? Look at getting a credit card or line of credit to bridge that gap.
Are your customers not paying? We’ll hit that in a minute. Are sales simply lagging? Find a way to increase sales! Have a sale, work harder at marketing, and improve the quality of your product or service.
Collect on Old Receivables
First, sell old invoices. Invoice factoring is a great way to get some cash fast, and if this is why you are short, it’s a suitable temporary fix. Get those accounts off the books and the cash in the bank.
Then, reconsider your credit strategy. Do you need to offer an incentive for early payment? Does there need to be tighter regulations when it comes to extending credit?
Slow Inventory Turnover
What’s up? Did you order too much? Maybe you need to have a sale to clear some of it out. Do you have too many different types of inventory? Go back to your first love, your original product, and off load the rest at a deep discount if you need to.
Employees Keep Leaving
This one is hard to fix on the back end. They aren’t happy, and trying to make them happy after the fact is almost impossible. If you have good workers, show your appreciation. They have plenty of options when it comes to places to work. Increase pay where possible and warranted. Offer as much flexibility as you can. Most of all, just show appreciation. Courtesy goes a long way. It may not be too late.
Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.
There is No Word of Mouth
Word of mouth is a powerful thing. If you have no reviews and no recommendations, that is a bad sign. Try offering incentives to those willing to leave a review. They can send you a link to the review in exchange for a discount or trinket.
Create social media chatter in a similar way. Incentives to like, share, or retweet sometimes take off like wildfire.
Even better, hire someone who specializes in this type of publicity.
Sometimes it Really is Too Late
The fact is, once a business is already failing, it is sometimes too far gone to save it. If you see the warning signs early enough and take big enough action, you may be able to make it through a decline in the economy.
Stay Aware of Your Surroundings
Keep your eyes open. At the first sign of trouble, take action. Follow these tips, do your own research, and start working to save your business. It is yours to save. You can enlist others if you need to however. Consultants and specialists may be able to help, and certainly in many cases professionals such as accountants and those trained in marketing research can be of tremendous value.
The most important thing is to not stand by and watch. You may still become a statistic, but you don’t have to go
down without a fight. Prepare for the inevitable and be ready to act when they come.
Have an Armory of Weapons Ready for the Fight During the Decline of the Economy and Any Other Time
No one starts a business planning to fail, but if you do end up in trouble, you can at least give yourself a fighting chance during the decline of the economy. The best time to start is now. Establish your business as separate from yourself so you can begin to build strong business credit.
If your business does actually fail, remember those mistakes you made, learn your lessons well, and start anew. Your next business venture will only be stronger for what you learned on the last one.
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.AcceptRejectRead More
Privacy & Cookies Policy
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
