How to Validate Your Business Ideas without Spending a Dime
Do you have a business idea and you’re not sure how successful that idea would turn out? Or Perhaps, You are a budding entrepreneur and you want to know how to validate your online business idea to make it viable. Well, you are not alone. Almost everyone has had a business idea at some point, but not all ideas that are executed stand the test time. This article will show you how to test if your business idea is good.
I see a large population of people waste their time and resources on business ideas and at the end, the business collapse. You have to stop running with a business idea until it has been validated. The most successful entrepreneurs you see today are successful because they validated their business idea before they launch the business.
Business Ideas Validation Tool and Framework
So, how do you know if your new business idea is going to produce valuable results? How do you ensure you don’t waste time, money and resources on an idea that is not even worth the try?
In this article, you’ll discover how to test your business idea before launching it. Let’s take a look at some steps to validate your business idea in the real world.
Step 1: Do a Thorough Research
This is the best way to test a business idea. You need to do a research on the idea, chances are, someone else is already doing the same thing. If you discover that another business is implementing the same idea, don’t feel bad and don’t toss it away either. Who says you can’t improve on the idea and make it better?
Now that you have found another business doing the same thing, research on ways to improve on the idea. There are other aspects of improving on the idea that other businesses are neglecting.
For instance, if you have an idea to start a food business, you might discover that other businesses do not offer delivery service to the customers, or those who offer delivery services do so within a limited location. You can include this when you are ready to start as long as there’s a demand for it.
If your idea is fresh and no one else has started it, you might want to validate your business idea by finding out if there’s a ready market for it. How large is this market? Are they willing to pay for it? Is there another business offering something similar? All these should be taken into consideration when carrying out your research.
Step 2: Get a Second Opinion
You’ll be amazed at what you can learn by just asking. Present that idea to friends and family members who can be completely honest with you, let them assess the business idea and give you a feedback. You could also seek the advice of a business coach who is a specialist in idea evaluation and generation.
Doing this enables you to see the loopholes in the idea and determines if the idea is scalable or not. Not everyone would be willing to give their opinion on your business idea, no worries. Create a survey targeted at potential customers with questions about this idea, the answers you get would let you know if you should go with the idea or not.
If you are worried about people stealing your idea if you tell them about it, you could buy a domain name with your idea (Hey, you never can tell, it might be worth it in future) create a blog using the name or keywords of the idea. If there’s a duplicate of the idea somewhere patronize them if you can and ask questions as you do.
Step 3: Go Ahead and Test It
One of the sure ways to validate your business idea is to test it. It doesn’t have to be something big, a mini test would do. If you want to produce a product making little samples of the product is a good place to start.
Give out these samples to the potential customers. Assuming you have a women business idea to create skincare products for women, you can make mini samples and give to your female friends, female colleagues, women in your group and ask for their honest opinions after they have used it.
Before giving out samples, make sure you test it on yourself. If it has to do with food, taste it. If it’s an app, use it first. If it is a song, listen to it. Test it till you’re satisfied it is worth sharing.
Take note of all the feedbacks even from critics. Document everything and pay close attention to the complaints. Take a critical look at the responses, review them this would help you decide if you still want to act on the idea, let it go or wait for the right time to make it happen.
These are the ways to validate your business idea. Try them out whenever that business idea pops up. These tips would help you make the most of a great idea and prevent you from stressing yourself out on an idea that is bound to fail.
Do you have an idea that you are not so sure about? Now is the time to get testing before someone else puts it into practice, you might be on your way to launching a ground-breaking idea that would change the world. Good luck!