That initial buzz of a good idea is hard to beat. You feel like you’re onto something big. Friends are backing you, and it’s starting to feel real. Maybe this could actually work?
Over the years, I’ve seen hundreds of businesses launch – some sent it to the moon, some didn’t get off the ground, and most landed somewhere in between. After being around all kinds of scenarios, I’ve learned that the earlier founders are able to ask themselves a few tough questions (and answer them honestly), the better their chances of creating something that lasts.
To be clear – I’m not here to kill the dream. I’m an ideas guy. I throw around new concepts daily, and I’ve run this same process over many of them. Some I’ve moved forward with, but many more I’ve shelved. It’s also been hugely valuable having trusted voices around me – Cat’s called time on many of my wild ideas after we picked them apart with clear heads.
So whether you’ve got a bold new idea or a full-blown business plan, here are five questions worth digging into before you commit:
1. Is my strategy solid?
A banging idea is exciting and it’s easy to get caught up, but the strategy is what keeps it grounded. Can you clearly articulate the strategy behind your brand? Strategy isn’t just a buzzword – it’s your north star. It gives your vision structure, keeps you focused, and helps you adapt with intention when things inevitably shift.
Many new brands skip this entirely or only have a partial strategy for certain elements of the business - for example a product strategy without a marketing strategy. Without a clear and coherent roadmap which aligns all elements of the business, even the strongest product can struggle to find its place in market.
2. Have I considered how hard this will be?
Building a brand is a serious undertaking. The days of throwing a few T-shirt designs online and watching the orders roll in are gone. The industry is more competitive with each passing day, and the barriers to success are higher.
Too often we see founders pour everything into product development and launch, with nothing left in the tank for the day-to-day grind of running and growing a business. A great product is truly just the beginning. Growth takes structure, discipline and marketing for the long game. Relying on a mate with a decent following to “give it a plug” isn’t a strategy. You need depth; a brand people can get behind, and that takes work, time and investment. This process is not for the faint hearted! You need to be fully invested in what you are trying to create and be willing to work harder than you can imagine to get there.
3. Have I thought realistically about cashflow?
Most new businesses significantly underestimate the cost of getting started – and staying afloat. Whatever you’ve budgeted, double it. This isn’t about fear, it’s about facts, and it’s easy to go balls deep bringing your dream to life before you’ve got a true handle on all the costs.
As an example, production costs can be surprising and complex. Many new brands will need to start with low volumes, which drives up per-unit costs and chews into margins. Offshore production, while amazing for customisation, often brings higher minimums and more complexity. All the little flourishes that will set your brand apart - custom labels, swing tags, packaging etc - may seem small in isolation but can drive up costs significantly.
Extrapolate this example out to other essential areas of any business - branding, trademarks, web build, content, marketing – and you can see how budgets can snowball. This is the stuff we live and breathe every day – and we’ve seen how quickly it can derail a great idea if not planned for properly.
4. Have I thought about what I’m willing to give up?
The reality of running a business rarely matches the fantasy. Moment of honesty: even with all our own experience, launching and scaling Noosa Vibe House consumed more resources than we initially planned for, and despite how much we love it, has definitely undermined the balanced lifestyle that drew us here.
So ask yourself: what are you hoping this business brings to your life? Is it a side hustle, a passion project, or your main source of income? Are you ready to trade the time, cash, energy, sleep and lifestyle balance required to make it happen?
There’s no right answer. But clarity here can save you a lot of frustration down the line. And if you find you're actually already happy with where you're at in life, that’s a win too. Time is precious – spend it where it matters most to you.
5. Am I willing to bring in the right support?
This one is critical. When you start your own business, you’ll bring a certain skill set, which is generally the reason which has led you here in the first place. It’s essential that you bring in other experienced specialists in areas which you’re not so hot on. You can’t do everything yourself - not if you want the business to succeed. And yes, while it can feels like it’s a cost you can’t justify and you could maybe fumble through yourself for a while - it will actually make the difference between a brand that treads water and one that sets itself up for future growth.
For example, I’ve helped hundreds of brands grow – from garage operations to international players. I see challenges and opportunities long before others do, and I love being able to help brands navigate complex challenges with a growth focus. I also know the production landscape inside out and can connect you with the best suppliers, terms and creative collaborators. This isn’t to blow my own trumpet - this is just my area of expertise, and why people bring me in to advise them on strategic growth moves. Yes, it’s a cost, but I’d argue it's one you can’t afford NOT to factor in if you’re serious about playing the long game.
If you’ve worked through these questions and still feel like you’re onto something – amazing. You could be building the next big thing, and that’s an unreal feeling! But if this process leads you to hit pause or rethink your approach, that’s equally valuable. Go back to the drawing board, rework your concept, or wait for another one to come along. But the earlier you get clear on where you’re headed, the better your chances of creating something that works – not just as a brand, but for your life too.
