When we came up with the concept of The Veteran Exchange we all agreed that we wanted to help other Veterans reach their goals and to give back to our community, that is the purpose of this blog. One of the hardest things to do in the business world is to take an idea and turn it into a successful business model. Fortunately, this is something that I specialize in and have done many times with quite a lot of success. The first step in a successful start-up is properly evaluating what it is you’re trying to do; a lot of people fall short in this area because they want their dream to be obtainable. Unfortunately, quite a few of us learn the hard way that not everything that sounds good in our heads or is pitched to us is actually viable.
Personally, I look for three things when first evaluating an idea or start-up which are viability, innovation (not recreating the wheel), and marketability. This really gives you a good base so you can start the evaluation process while staying unbiased and that should be the goal at the end of the day. Always start with viability, ask yourself will this idea make money, if people will want the offered product and how much money is it going to cost on the front end of the equation. Next look at the innovation behind the concept, I always say don’t try to recreate the wheel when it comes to a new business because you are playing into someone else’s market and you will be fighting an uphill battle from the start which will more than likely lead to an ambush if you start to find success.
Finally, you must look at the marketability, new company’s popup everyday but the also disappear daily and a majority of the time that is do to poor marketing or marketability. This is when you seriously must evaluate your competition and how flooded the market is that you’re trying to get into. Competition isn’t ever something to fear but you do have to take the marketing aspects into consideration. If you can think of a competitor off the top of your head that has been around forever and offers the same product or something extremely similar you might want to reevaluate. Look at what it would cost you on the front end not just to operate but to compete head to head with an established business with a large client base. These things must be taken into consideration when evaluating a start-up or idea for one, if you make it past this point then it’s time for the preparation work!
Anthony Gendreau ~VX7~
Chief Executive Officer
The Veteran Exchange LLC.