Chapter 9: Evaluate
Consider the effectiveness of your test marketing. Take note of what you have learned from the extent of the support team you have gathered thus far. What appears to be working, and what doesn’t?
This is the “point of no return” so to speak, where you take in all of your knowledge to date. Has anything come to light which causes you to reconsider this particular type of business?
We don’t expect that anything has gone seriously wrong but if it has, now may be the perfect time to change course. Perhaps there is far more government regulation than you anticipated, or the business would require more travel than you originally thought.
If any new information has come to light that would have affected your decision if you knew it in the beginning of this process, consider carefully whether you should move forward or not. If you decide in the negative, all is not lost; the market research you have done can probably be salvaged.
Maybe you want to serve the same market but with a different type of product in that market. Or a similar market; possibly a subset of the original target market.
Even without any major problems, now is the time to make minor course corrections and adjustments as necessary.