9 Ways to Validate Your Startup Ideas
Once you have a brilliant idea for a startup business you are on the initial steps to achieving success! It is not always easy to think of a business that will be an instant hit and generate millions of income for you. Sometimes the craziest business ideas are what create a trend that pretty soon everyone tries to copy or follow. So once you have an idea for a startup business, no matter how incredulous it seems, hold that thought precious and work your way into making it a success!
To ensure that your path to success will be smooth, you have to plan your business strategy very carefully. Like all beginners, you will have to take baby steps in transforming your ideas into a successful business. Your idea might have sprung from a need from your prospective market. It is then important to know the kind of market you will be selling your business to.
One way to know the pulse of your market is by conducting a survey. Surveys are important in gauging how your customer feels about the product or service that you are offering. Their sentiments can be very helpful by giving you an insight if there is really a need for your products or on how you can improve your services. By acknowledging their concerns and opinions, you are actually creating a connection with your respondents who eventually will become your loyal customers.
Knowing your market is just one of the steps you need in making your startup business succeed. To know more read the info graphic below.
1. Determine Your Target Market
Your target market will show you the kind of customers you will market and eventually deal to. This is very important for startups. Know their needs and match it with your product/service.
2. Figure Out the Problem
Make sure your product/service is able to resolve your customer’s problems. If it does, then you have found a goldmine and your business will be successful.
3. Keep Tabs on Your Competition
It is important to know your competitors, what they are doing, replicate their system if you must, and finally be able to gauge where you are at in the same niche market.
4. Perform Surveys & Listen To Customers
Always be gracious to customers, they are the lifeblood of your business. Listening to your customers and keeping an open ear will help you learn and grow your business. Make surveys to know your customer’s pulse and be able to address their issues and requests.
5. Have Business Expert Guide You
Reach out to a business expert from your field and learn from them. You will build a good business empire if you have a guide who’s practically been there and done that — so to speak.
6. Have a Business Website
A business website is the gateway to your business. You open your doors to potential customers and let them know what you offer and how your business can help them with their specific needs.
7. Stay In Touch With Your Customers
Again, we want to reiterate item no. 4 where we mentioned you have to listen and, of course, stay in touch with your customers. This shows you care and is a good way to establish loyalty and repeat buys from valued customers.
8. Trust In Yourself
This may sound like a cliché but, it still holds true to date. If you don’t trust yourself, who will? Trust in your gut feeling and everything else will radiate in your business. Always keep an open and optimistic mind.
9. Try Crowdfunding
Crowdfunding is a surefire way to test whether a startup idea will be a hit or a miss in the marketplace. Try websites like Kickstarter or Indiegogo to find out more about the feasibility of any business idea, plus you get help funding your business this way.
10. Do a SWOT Analysis
A S.W.O.T. analysis (strengths, weakness, opportunities, and threats) is a framework used to assess the viability of an idea. Taking up the test will determine your potential level of success.
Before you begin the implementation of any startup idea, sit down and write the most pressing questions that will help you easily test any business idea. You may ask:
- Who will need my products or services?
- What customer types will be benefited by my business?
- What is the size of my customer base?
- Will the product or service help solve my potential customer’s needs?
- Will they purchase my products/services?
- How much will I be making in a month or year?
- Will the product/service sustain my business long term?
All these ways and questions you should ask yourself will be your gauge in obtaining the right answers to help you evaluate your business startup ideas. You have to ensure that the answers are measurable, verifiable, and truthful.
We hope that you will be able to become a successful business and not a mere statistic some day.
Originally published at Damir Kusar.