Q: How can I get feedback on the feasibility of my business idea without risking others stealing it away?
A: Lighten up! You really need to go out there and get some feedback on your business idea. What’s the chance of other people stealing it? Very, very little. Ideas are a dime a dozen. Commitment to an idea, now that’s something different. Furthermore, if your idea is that different, that out there, something that could be that secretive, chances are it’s way too risky. Most successful businesses are built on taking existing concepts and doing it better or differently. Think about that instead.
Q: I launched my business part-time and now it’s starting to turn a little profit. Should I quit my day job?
A: First, I want to emphasize, for most people, I’m a big proponent of keeping your day job and trying to launch your business part-time. But at a certain point, you want to just focus on the business. What point is it? It’s not even necessarily when you’re starting to turn a profit, it’s when you see some forward momentum and when your confidence is high that the business is going to make it.
Q: I want cut costs to boost my profit margin, what should I attack first?
A: I would be leery of doing anything that takes down the product quality, the service quality, I’d also be leery of cutting sales costs. Marketing, I wouldn’t jump to trim that either. In fact, the first thing I would look at is cutting that overhead.
If your schooling days are long gone, chances are you have to look to the internet or your network for all of your difficult business questions. Well, look no further, as here is a new area in which to look for your answer! In these segments, Bob Adams provides colorful and insightful answers to viewer questions, many of which are broadly applicable and extremely relevant. No stone is left unturned, as Bob uses his business experience to help our viewership learn the lessons he spent years learning as an entrepreneur.