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It’s intoxicating, that feeling of a good idea. You’re sure you’re onto something. The people you’ve shared it with have pumped your tyres. You’re starting to think…..maybe this could actually work? Throughout my career, I've witnessed hundreds of business launches - some skyrocketed, some flopped, and most fell somewhere in between. After experiencing every scenario you could possibly imagine, I truly believe that founders can save themselves significant energy, money and heartache if they're willing to ask themselves some tough questions (and answer them honestly!) before they get swept along with the excitement of creating something.
Full disclosure: I don’t want to sound like a dream crusher here. I’m an ideas guy, and I fire up fresh ideas on the daily. I have run the below process over dozens of my own ideas and then walked away as a result. It's also essential to have trusted people and balanced voices in your inner circle - you can be ambitious while still being realistic. (Cat has put the handbrake on many a wild concept I’ve had over the years once we interrogated them together with a clear headspace!)
So if you’ve got an unreal idea for a brand, or even a fleshed out business plan, here are five key questions I’d recommend asking yourself before you jump in:
1. Is my strategy solid? This is often skipped over when you have an idea that bangs. Can you clearly articulate your strategy? Strategy is a loaded word which is often hard to define, but essentially it’s the plan behind it all - the anchor that keeps your efforts aligned, providing a clear throughline from your vision to your goals. It helps you stay focused, make deliberate choices, and adapt purposefully rather than reacting to every change or challenge (and there will be many). It’s incredibly common to see brands or businesses attempt to launch without a real strategy - or to have a strategy for some elements (production; operations) and not others (marketing; sales). Which, by definition, isn’t a solid strategy.
2. Have I considered how hard this will be? This process is not for the faint hearted! You need to be fully invested in what you are trying to create. The days of slapping a few prints on tees and building a large organic following on social media are over. You need to know exactly where you are heading and be ready to work. The industry is complex and nuanced, and there is no magic wand or shortcut. In our experience, many startups pour their energy and resources into the product development and launch stage, without leaving anything in the tank for what comes next - the running and growing of the business. A strong product is just the starting point……the viral clips featuring founders talking about how they blew up overnight are the one-in-a-million scenario, and undermine the complexity of the process as well as the critical role marketing plays. I think it is important to point out here that knowing someone with a decent social following who have said they'll mention your brand isn’t a strategy. (We see this a lot). You need substance and a concept customers can engage with and truly get behind, and building this takes time, energy and money.
3. Have I got the cashflow? Most founders and owners significantly underestimate what starting and running a business will cost. Whatever you think it might be, it’s probably double or triple that. This goes back to the complexity point - it’s easy to oversimplify processes when we haven’t been exposed to them before. The cost of production often comes as a surprise for a number of reasons. In order to access low per-unit costs you need to produce in volume, which many new brands can’t afford to do. Offshore production generally has even higher minimums and comes with its own challenges to navigate. Logo and branding costs, trademarking, web design/build, content, and ongoing marketing are all critical costs that are often missed in the initial budget. The reality is the majority people don’t appreciate all the hidden obstacles and costs that we encounter (and streamline) every day.
4. Have I considered how much I am willing to sacrifice? Often our vision of what starting a business looks like is in stark contrast to reality, and this is where many businesses fall over (or owners hit burnout). I’ll be honest here: launching Noosa Vibe House was a much bigger undertaking than we could have imagined, and it’s definitely eaten into the work/life balance that drew us to Noosa in the first place. You need to ask yourself honestly what your goal is here and how a potential business fits into your wider lifestyle considerations. Are you looking for a side hustle, a bit of fun, or a full-time income earner? How much are you willing to sacrifice (cash, time with friends/family, sleep, sanity) to get this off the ground? We’d all like to make a stack of money, but do you really want to sacrifice the life you have now? An honest review of your wider lifestyle goals can save you a lot of pain, self doubt and investment. This isn’t a negative thought at all - we all need to be more present in life and if you are comfortable and happy with where you’re at, happy days. No amount of money will ever replace time that you have with family, friends, to travel, whatever it is you really love…..get after it.
5. Am I willing to bring in the right support when I need it? Have I budgeted for this? This is where we can come in. We’ve done this dance hundreds of times, and we can immediately identify the opportunities, and conversely the threats, to your brand succeeding. We can help you nail your strategy, then connect all the dots - navigating the complex production industry, getting you working with the best suppliers on the best possible terms, and get your sales model looking dialled. We can also plug you in with our elite team of designers, digital specialists, content creators and other specialists if you need them in the mix too. Yes, it’s an added cost just when you feel like you’re sinking a lot of money into your project, but it could just be the best money you ever spend……and make the difference between a brand that limps and one that flies. We have the proven track record - not just from growing AS Colour from the ground up across multiple countries, but also being on the wholesale side of the industry and watching hundreds of businesses go from a single owner/operator to major success story with multiple staff layers. We provide the information and guidance you need to save years on the growth phase and a lot of money in the long term.
If you make it through these questions and can say with clarity that you’re still good to go, that’s amazing! You might really be onto a winner! But it’s also ok if you realise this maybe isn’t the idea that’s going to crack it for you, or go back to the drawing board and formulate a stronger, more sustainable play. We can help you crystallise this, but the earlier you ask yourself these questions, the better placed you are to evaluate the opportunity - and figure out if you still want to chase it!
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