When to KILL an IDEA
Building your business is a tough and time-consuming time, but nothing can hurt your business more than keeping an idea alive that is no longer working. Usually, I'd advocate for never giving up on something and working at it until you make it into a success. In a past article, The Daily Nickel outlined five reasons people give up on something on our TOP "don't" was to kill an idea before you gave it due time to grow. Sadly, there is a major difference between giving an idea everything you have and it not working and giving up before you've even begun the fight. The following five signs that will tell you when you need to kill an IDEA or PRODUCT.
1. It isn't selling. You've come up with a great product/idea and it's been out for a month now. You've done marketing campaigns, advertised on Facebook, given coupon codes, and even given some away free but it just won't sell. Some people believe that if they just do one more thing or try one new ad something is going to hit and it's going to work. For these types of products, you should give it, what The Daily Nickel coined, the three K's approach, Kick it out there, Kick it Around, and Kick it Out. Obviously, Kick your product out of the testing lab and let people see it, then Kick It Around a bit through marketing and referrals, and finally if it doesn't perform Kick it Out!
2. Someone told you it's bad. I don't know how many ideas I've come up with over the years that have never made it to the production line because of someone's comments. Many people give feedback timidly and don't think companies really listen, but if a few customers or even one says something doesn't seem to be good because, you should stop and listen. Many times the little complaint or criticism they have may open your eyes to something that you haven't seen before. So take people's advice seriously and don't ever dismiss an opinion because it could lead to a thousand unseen issues. (This doesn't mean destroy something because of one bad review, but take into consideration the comments and feedback you get from people.)
3. It's too complex. Obviously, there are many things that are very complex ideas and products, but if you're a small business you need to understand your limits. For example, if you want to make a bottled drink and the bottling company comes back and says, "It's going to take eighty-five steps and two permits to get done," you should pause for a second. Most small businesses don't have endless means and you need to consider if those eighty-five steps are really worth your time, or if you could get something else done and make money with it in just five steps.
4. It's out of your knowledge zone. Most business people have a mind for business but don't have a mind for every industry. Sometimes an idea may be great and revolutionary, but it's just something you may know nothing about. many times you can learn about all sorts of new things that you may want to pursue, but like the last sign you need to ask yourself is it worth it, will it pay off, and how much time do I want to dedicate to this? For example, if you're in the Coffee Business that doesn't mean you know anything about building a flying car. Yes, you could learn aviation skills and learn to be a mechanic, but really is it going to be worth it or even possible to enter this market. If you don't know how to do something learn, but if you're clueless about where to even start learning about it, think twice before you act.
5. You didn't come up with the idea. This doesn't mean that you stole someone else's idea or product, but maybe it wasn't entirely your thought. Many times we come up with ideas or products that may be a mix of things we've heard in the past, but that doesn't mean we have the know how on the entire thing. In this case, it pays to bring someone on that came up with parts of the idea, rather than trying to build it without knowing every aspect of it.
Overall, these are the five signs that you should KILL and IDEA or project. It can be the hardest thing to start fresh after you've invested even a minute into an idea, but it is better to come up with something awesome that to lose money on something that isn't working or going to work.