Anyone who occasionally watches The Food Network’s "Chopped" knows that changing direction often results in success. With a small business idea, it’s a little more complicated.
Tap.Me was founded in 2009 as a developer of games for mobile phones, but turned to mobile advertising "after realizing that in-game ads needed a reboot," according to the company's website. The company and its CEO, Joshua Hernandez, were part of the inaugural class of Excelerate Labs, an incubator program that launched last year.
Here are some steps to consider if you think you need redirect your business acumen and investments into a new venture:
Understand what went wrong:
Take a look at your current business and the reasons for your need to change direction. Was it related to the economy? Did your suppliers fall through? Use feedback from online community forums where consumers objectively comment on local businesses. See what is being said about your business or competing businesses in the press or by independent bloggers.
Research and plan your new venture:
Be aware of the legal issues involved: