Start a business based on decision matrix or gut?

[Nuno da Silva]

Hello,

I have a business idea to start (very standard in a sense) retail business selling either perfumes OR body care, skincare products.

When I did my Decision Matrix the Body Care, Skincare Business won by a few points but one of my loves has always been perfume so the idea of having my own perfume brand is attractive.

How do you decide on what to choose? Do you go by your gut feeling or by what make sense business wise?

I think that selling body care and skincare is easier (it is not easy but easier) to sell then perfumes particularly for a new business but my love has been perfume and not skincare.

The market looks good for both I believe but again probably easier to get into for the skincare and body care business as perfume is very personal due to the fragrance itself.

What are your thoughts on making decision for a new start.

 

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[KiwiEC]

I think you should ask you the following:
- Does this business bring value to customer?
- Can I do better than competition?
- Can I scale it when it's successful?

If the answer is YES for each of those, you can work on it. If you like perfumes it's even better but people don't care about your personal tastes, they just want to get helped.

 

[Nuno da Silva]

I think you should ask you the following:
- Does this business bring value to customer?
- Can I do better than competition?
- Can I scale it when it's successful?

If the answer is YES for each of those, you can work on it. If you like perfumes it's even better but people don't care about your personal tastes, they just want to get helped.

Yes for all the above, though instead of better I would say I would be able to bring my own take and do things differently as in my own story brand and why we do what we do.

 

[eramart]

This might be useful:

GOLD! - HOT! - IDEA - Idea Generation To Execution: Fastlane Millionaire's Step By Step Guide

After posting my general advice post here , I realized that one of the most burning questions that people struggle with is "how do I come up with an idea that isn't already done?" and "how do I test whether I can successfully sell this product without a huge investment?". This is the first time...

www.thefastlaneforum.com

 

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[Kevin88660]

Hello,

I have a business idea to start (very standard in a sense) retail business selling either perfumes OR body care, skincare products.

When I did my Decision Matrix the Body Care, Skincare Business won by a few points but one of my loves has always been perfume so the idea of having my own perfume brand is attractive.

How do you decide on what to choose? Do you go by your gut feeling or by what make sense business wise?

I think that selling body care and skincare is easier (it is not easy but easier) to sell then perfumes particularly for a new business but my love has been perfume and not skincare.

The market looks good for both I believe but again probably easier to get into for the skincare and body care business as perfume is very personal due to the fragrance itself.

What are your thoughts on making decision for a new start.

1) Cost of testing idea/mvp, including time. The best hypothesis is the one that can be tested and rejected the fastest.

2) Upside financial potential. TAM. Ease of scaling. Freelancing is low in this regard.

3) Matching of existing resources, including skill, experience and network.

4) Clear path or ease of monetisation. Selling directly to target customer as opposed to connecting A with B and charge C for money (Youtube model for instance).

5) Vulnerability and single point of failure. A business model that has a single point of failure. A lawyer whose business is entirely about immigration to U.S. A change in gov policy could kill the business.

 

[Nuno da Silva]

1) Cost of testing idea/mvp, including time. The best hypothesis is the one that can be tested and rejected the fastest.

2) Upside financial potential. TAM. Ease of scaling. Freelancing is low in this regard.

3) Matching of existing resources, including skill, experience and network.

4) Clear path or ease of monetisation. Selling directly to target customer as opposed to connecting A with B and charge C for money (Youtube model for instance).

5) Vulnerability and single point of failure. A business model that has a single point of failure. A lawyer whose business is entirely about immigration to U.S. A change in gov policy could kill the business.

1) The IDEA/MVP that can be tested and rejected accepted the fastest is the Body care Business: Perfume would take 6 months to come to light, Body care around 2 months

2) I think they are both similar as at some point they would converge, the perfume would add body care products, the body care would add fragrance in time.

3) They are very similar though I would say perfume has a slight but I mean very slight advantage on this.

4) Body care seems an easier path to monetisation, certainly to start with though i would need a much higher volume due to cost of body care in comparison to perfume.

5) Here they are again similar as other products would be added to the range, the body care would ahve 4 or 5 different products while perfume would have 3 different fragrances to start with but they would of course be perfumes. Body care would be serums and creams.