I love big dreams. I’m drawn to people who are passionate about the dreams they want to lead. I applaud you if you’re willing to do what it takes to get your business idea off the ground. But I need to stress that, before you do, validate your business idea first.
Do you know that what you’re planning to sell will sell? Will your market be receptive? Have you checked out the competition?
Validating your idea should be the first thing you do when contemplating entrepreneurship. Knowing it’ll work before you even begin will save you time, money, and heartache. I mean, sure, there’s always that chance that your biz can still fail no matter what. But if you enter this world armed with the right tools you’re going to have a much higher chance at success – or, at the very least, a much higher chance of resilience. If you go into something believing it can succeed and believing in yourself as well, you’ll be more inclined to pick up and try again if it fails the first time!
Depending on what type of business you’re planning on starting, there are tools (some of them very expensive) that can help you validate it. But, I want to show you how you can validate your business idea for free or for little cost – at least to help you take that first step!
Check Out the Competition– If you do some digging and determine there’s no one else like you you might want to rethink your idea. And…if you find there are businesses just like you, you might want to jump for joy! I came across a statistic not too long ago that shared this positive point – businesses that ride off the coattails of original ideas tend to be more successful. I call this the Coattail Effect. You can have something really great if someone else has already thought of it!
Determine How You’re Going to Make Money – You might want to be in business for the “better good of humanity” but, honestly, if you’re not going to make an income you might as well just call it a hobby. Understanding how and if you can make money is a very, very important step to validating your business idea.
Run It By a Mentor – Having someone you can turn to who has already created a successful business of their own is indispensable, especially during the beginning phases. Make connections with people who can offer you with solid, honest feedback and never be afraid to approach them with your ideas.
Create a Facebook Ad – I love Facebook ads because you can find out exactly how many people in whatever country or city or county loves certain topics, activities, products, and more. This is why this tool is so amazing when it comes to validating your business idea! If you want to start a holistic nutrition business in Winnipeg select people in Winnipeg who are interested in holistic nutrition when creating your ad. See what the results are and determine if the numbers are enough for you to continue!
Hold a Focus Group – Test your business idea by gathering a group of potential buyers together and asking them for their feedback! Don’t gather your friends and family unless they’re part of your target market. Where do you find people to run your idea by then? Well, write an article about your idea and share on your social networks like LinkedIn, Facebook, and Medium. If there’s a positive response you’re on the right track! Another great place is Quora. Why? Because it’s filled with experts who are willing and waiting to provide feedback on your ideas or similar to your ideas. Post a question and get expert advice for free!
Starting a business can be scary, but knowing that what you’re about to put your heart and soul into could work out is exciting! That’s why validating your business idea before you begin is so important!