What If Your Idea Flops?
You may not want to think about this, but sometimes your business idea might flop. Every successful business owner has had ideas or projects flop. It’s a part of the game. One of my side hustles is selling t-shirts at NomadTees. I will be the first to tell you that I’ve had some flops. What separates the winners from the losers is how they react to those flops. Below are five ways that will help you.
Take a Look at What Went Wrong
Take a long hard look at what went wrong with the idea that flopped. Could you have worked on it longer? Could you have promoted it better? Were people just not interested in it? If you were selling something, was your item priced to high? Jot down as many things that you need to help you get an understanding of why it could have gone wrong.
It’s not possible to do market research for every type of idea that you have. For the ones that you can, do it! I made the mistake a few years ago of printing up 20 shirts of a design that I thought would do great. Boy was I wrong. I didn’t sell any of them and I lost over $100. I ended up donating the shirts to the Goodwill. I should have shared the design with my social media family to get honest feedback. That could have saved me time and money.
Decide If It’s Worth Trying Again
With some ideas the timing could have just been off. Sometimes it worth trying to make an idea a success again. If you know that you didn’t work your best on it, try again. With a better plan and more promotion your idea could blossom into something great the second time around.
Your Flop isn’t a Failure
Don’t look at your idea flopping as it being a failure. Look at it as being a learning experience. I’m pretty sure you can take something away from it. I learned a lot when my t-shirt design flopped. I’ve been able to apply some of that to other business ideas.
Your idea flopped, so what. Make sure that the next one doesn’t by working harder this time around. Use the tips that I stated early to make it happen. Go the extra mile. Instead of just posting about it on Facebook, try posing it on Twitter and LinkedIn, as well. I’m sure your results will be different this time around.