Even during a recession, there are many opportunities to take your new ideas to market quickly and profitably.  Most entrepreneurs are overflowing with great ideas for new products and services.  So how do you screen these ideas so that they generate big profits in a relatively short time?  …Get started by answering these 5 questions.

1)  Who are my target customers, and what are their biggest needs? 

As you consider your new offering, do a brain dump on your target market, including demographics (e.g., age, income) and psychographics (e.g., attitudes, behaviors). Also consider the size of your target market, its growth rate, and current trends.  Fill in any big holes by conducting research online (e.g., FactFinder) at your local library’s business center, or by surveying current and potential customers.  You can deliver a short, user-friendly survey in person, by phone, or by using an online survey tool such as Survey Monkey.

2)  What benefits does my offering provide that meets these needs? 

There’s a big difference between “features” and “benefits”. A benefit is what your customers value about your offering and how it meets their needs.  In contrast, a feature is a fact-based aspect of your offering or what it does.  For example, you might provide the feature of 24/7 technical support for your new product.  However, the real benefit or WIIFM (What’s in it for me?) to your customers is comfort and convenience.  Make a list of your offering’s possible benefits and get feedback on it from a formal or informal group of customers. (See Entrepreneur.com’s distinction between features and benefits:  http://tinyurl.com/6k5w22 .)

3)  Who are my competitors and how do their offerings compare?

Take the time to assess your key competitors and any viable substitutes/alternatives to your offering.  Study their strengths, weaknesses, and how they meet the needs of your target market.  Try mystery shopping at your competitors’ websites, stores, phone lines, and by purchasing some of their offerings.  Obtaining customer feedback on your competition, via surveys or user groups, is essential.  Check out Wikipedia’s simple, powerful competitor framework. 

4)  What are my initial and ongoing costs?

Take into account what your new offering will cost from development through launch (i.e., your start-up costs), including research, development, testing, supplies, marketing & advertising, inventory, office/warehouse space, and training. Then consider your annual costs for ongoing sales and servicing.  Write these costs down, and discuss them with your business advisors, area experts, or colleagues to better understand your investment. 

5)  What are my expected annual sales? 

Write down your estimated annual sales from your new offering, including best, worst, and most-likely scenarios.  For example, if your estimated Year 1 sales are $25,000, you might add 50% for a best case scenario and subtract 50% for a worst case scenario.  Then, for a rough break-even analysis, calculate the number of product units or service hours to cover your start-up costs. You can also calculate the annual sales required to cover ongoing distribution, marketing, servicing and other costs.

A few tips:
*  Answering these questions may seem daunting, yet if you carve out focused time, you could do it in 1-2 weeks.  You’ll avoid costly mistakes and greatly increase your chances of a successful, profitable launch.

*  Write down the questions, answers, and your assumptions, as you work through them.  Documentation makes them more tangible and holds you accountable for follow-through.

* Create a dialogue with others about these questions.  Invite input and different perspectives, because the more open are your eyes, the less likely that you’ll be blindsided.

* Be trusting and smart with your new ideas. Carefully select with whom you’ll share them.  When in doubt, use confidentiality agreements.  Better safe than sorry!

* Try a mastermind group or other forum where you can share your new ideas and receive support, and accountability.  Look for our monthly Putting Passions into Action groups in Seattle (second Mondays of the month).

Happy Passioneering!

As a passions and possibilities coach, I’ve heard just about every excuse under the sun for not pursuing one’s passions fully. Consider this: every single excuse drains you of energy and focus. So if you want a really slow death “by a thousand passion cuts,” try using several excuses at once. For those of you who want to perfect the art of passion-killing, try these ten sure-fire steps. They are guaranteed to dampen your dream-light forever!

Steps to Successfully Kill Your Passions

1. Remain completely unconscious of your dreams. Whatever you ignore will wither and die. So whenever you feel ANY urge to explore your passions, distract yourself immediately with food, TV, web-surfacing, shopping, or another great alternative.

2. Play the victim. It is not your job to fulfill your own dreams, especially since other people and situations are always bringing you down. Be sure to complain whenever you can, looking as mournful or disgusted as possible.

3. Pack your schedule with boring, tedious tasks. There are only so many hours in a day and so many urgent, unimportant activities to squeeze in! Passions are luxuries anyway, aren’t they?

4. Never ever expand your comfort zone. It’s really scary and even dangerous beyond what you already know and are good at. Remember: nothing good comes to foolish risk-takers!

5. Use “either/or thinking”. There are no gray areas! So either work hard and pay your dues, or frivolously follow your passions. Either earn a decent living, or be a starving, starry-eyed dreamer. You get the picture.

6. Put yourself last, always. Following your passions is selfish, egotistical, and wasteful. Much better for you to make others a higher priority than yourself. They will be happy and you won’t, which is the end-game.

7. Never share your dreams with anyone. They will ridicule you as a freak and renegade. It’s much safer for you to act “normal” and be “realistic” like the others. Silence is golden. Besides, no one really cares about your dreams anyway.

8. Remember: making money beats happiness every time. Happiness doesn’t pay the bills, does it? I can’t use joy to buy groceries, can you? Enough said.

9. Never appreciate yourself or others. Appreciation is highly-overrated. Passionate people are so sickeningly positive and upbeat. Thanking someone here, praising someone there – it’s crap! The world’s a tough place, so you gotta play tough.

10. Keep your confidence very very low. You really don’t deserve to have the life of your dreams. Only people who are rich, famous, or lucky get to follow their passions fully. You’re born, you die, and there’s this little snippet in between.

Congratulations! You’ve just accomplished all of the steps necessary to live a life of quiet desperation, like so many others in the world. So, until next time, unhappy trails and bad luck!

Whenever I ask anyone about their passions, their face lights up and they’re suddenly grinning ear-to-ear. They’re excited, and they just can’t stop talking about it. Then, at some point, their energy drops and they say something like “Oh well, it’s just a dream…I gotta be realistic.” If you look up the word “realistic” in the dictionary, you’ll find this definition: “resembling or simulating real life.”

Well, I certainly don’t want a life that’s simulated. Rather, I want one in which I’m expressing my full passions and possibilities, so that when I die, I’m carrying no unsung tunes! So what’s the secret to releasing your own passions? Does it mean sacrificing your whole life and becoming a full-time, card-carrying starving artist or struggling entrepreneur? Not at all! Below are three simple steps to move forward today in your own passion story. Be aware, be accountable, and be active. Together these three steps represent my AAA card for leaping into my passions, and I never leave home without it.

Step 1: Be Aware of Your Passions
Passions point to your purpose, especially if they mesh with your inherent talents. Most of us have many passions! Try this exercise: Make a list of 100 passions that you have. Keep going even if you get stuck halfway through. How might you express at least one of your passions each week? How about each day? What becomes possible in doing so? Often, expressing our passions takes a back seat to other, more urgent matters in our life. That is, life simply gets in the way. My challenge to you: declare today that expressing your passions is both important AND urgent. Observe what happens when you make this declaration.

Step 2: Be Accountable for Your Passions
No one can release OR block your passions…except you. Releasing your passions is a conscious intention from a place of accountability. Miracles arise when you take responsibility for your passions and stop playing the victim (e.g,. “My family always comes first.” “My work gets in the way.”). Even in the midst of a recession, you can choose to commit to expressing your passions…regardless. Find an accountability partner who will hold you to this commitment in a loving, supportive way. How do you find one? Simply let others know that you want one, and notice who shows up! Like the old adage: “When the student is ready, the teacher will come.”

Step 3: Be Active
Dreams will stay dream-like until you take concrete steps towards them, even if they’re baby steps. One woman described to me her dream of creating a restaurant with great jazz music. When I asked her about her next steps, she simply said, “I can’t think of any!” After a few moments of frustrated silence, she declared three small, but mighty steps to move forward. “Wow,” she said afterwards. “I feel like a huge block has been removed, and I can finally move forward.”

What being active does NOT mean:

• Doing it alone. So build a solid, powerful support team – your cheerleading squad, including your accountability partner.
• Being broke. Do not leave your day job unless you have at least one year of savings. Having a part- or full-time job that can fund your passions is an excellent strategy. So be grateful if you have one!
• Sacrificing your current life. Instead, it simply means that you make your passions a priority and find time, even small chunks, to express them. So leaping into your passions fully can happen gradually over time, easily, gracefully, and prosperously.

Often I ask individuals who have successfully leaped into their dreams if they have any regrets.  Without exception, they have responded with a resounding “No”!   Their most common tip for individuals who are considering the leap is to stop procrastinating and to just do it.  Below are some easy, powerful steps to move forward today.

• Clarify Your Dream.  By tomorrow, spend at least 30 minutes exploring the life of your dreams.  Write it.  Paint it.  Sing it.  Create a vision board.  Let it out!
•  Hang Out with Passionate People.  When two or more individuals discuss together their passions, magic unfolds.  So over the next week, find at least one social or professional group that shares your passion.  Attend one of their events.
•  Explore a Career Change.  Your dream life may require a career change.  Write down at least five alternative ventures that would allow you to more fully express your passions.  Consider hiring a career specialist.
•  Face Your Fears.  Write down your ten biggest fears about fully leaping into your dreams.  Then examine which of the fears are facts and which are really your interpretations.
•  Stake Your Claim.  This week, when others ask you what you do, create a new sound track.  Instead of describing an old role or job, declare your passion as your new occupation.  “I now am a ___________________” (fill in the blank).
•  Create a 30-Second Elevator Speech.   Know what target market you want to serve with your passions.  Then use a simple, conversational approach to describe who you are.  Here’s my blurb:  “As a passions and possibilities coach, I support talented, driven, and successful individuals in taking the next big leap into their dreams”.
• Order New Business Cards.   You could have polished calling cards for your new venture by the end of the week.  Several online vendors offer very low-cost choices, so order them today.  There’s no excuse not to!
•  Spread the News.  Tell at least ten people that you are pursuing the life of your dreams now.  Ask them to tell at least ten people.  Leverage new and existing venues, especially social networks on the internet.
•  Build a Cheerleading Team.  Make a list of ten individuals who could be strong supporters of your dream.  Meet with all of them over the next month, and make a specific request for their support.
• Find a Mentor.   Learn from the mistakes of others, to avoid unnecessary pitfalls along your journey.  Use your connections to find five successful individuals who are already expressing a similar passion.
•  Hire a Professional Life Coach.   A great coach will help you organize countless baby steps into a powerful game plan for your dream.   Seek out someone who has solid experience, a successful track record, and with whom you have a strong connection.
• Assess Your Finances.  As you leap into your passions, take your financial pulse.  Have you already saved at least one year’s worth of your expected expenses?  If not, you will need additional income until your new venture is profitable.  So don’t quit your day job right away!
• Hire a Financial Expert.  If you are facing major debt challenges or complicated finances, spend the time and money to hire an expert.   You will avoid many headaches and be much more likely to prosper.
• Take It Slow and Steady.    Your progress towards your dreams, after taking many baby steps like these, will simply astound you.  Consider Dick Miller, the man who ate a 2,800 pound car. How did he do it?  One mouthful at a time.
• Start Today.   Take at least one step into your passions today, even if it’s a small one.  Words without action are meaningless, so what do YOU commit to?