Why you need to test your business idea BEFORE you invest in it

If the “Great Resignation” is any indication, 2020 woke us up to the reality that maybe we’re craving something more than just a paycheck. Life is short, our time is precious, and we want to do work that matters. So if you’ve decided that NOW is finally the time to launch your business idea, you’re not alone. In fact, according to the Census Bureau, 2020 saw more small businesses start than ever before.

Freedom, flexibility, and fulfillment are just a few of the reasons to start a small business in 2022. Your communities need you -roughly 1/3 of small businesses have already closed due to the pandemic. And the economic impact of this could be devastating.

Over the last twenty years small businesses have created more than 65% of new jobs (which we discuss in our “ small business origin story” post). And so, even if you have zero intention of ever opening a physical shop -it still matters that you start your business. And it matters that you start it right.

So embrace that business idea you’ve been dreaming about. It’s time to give it legs.

It’s not enough to get feedback on your business idea from friends + fam

Because 90% of startups fail.

If you read our post on the top 11 myths of entrepreneurship, then you know why this oft-quoted stat is problematic. Even so, it’s basically true. Over the course of a decade, statistically, 90% of startups close up shop.

And why do they fail?

They run out of cash.

Why?

According to data from CB Insights, the real reason most startups fail is… “No market need”. They never properly validated that their business was something their target market needed (and was willing to pay for). That’s why it is the #1 thing you MUST do to start a profitable business. Non-negotiable.

If you do not test your business idea, it will fail (statistically speaking). So now that you understand how important it is to validate your business idea, let’s talk about the reason you’re starting this business.

What a well-tested business idea can bring you

Imagine how it would feel to…

• Have a thriving business that pays your rent or mortgage each month, with enough leftover that you’re actually able to have a growing savings account (not one that looks like the gas gauge of a 17-year-old’s car -perpetually running near empty).
• Leave your full-time-job and be fully self employed -so you don’t have to ask for permission to take time off to go to a doctor’s appointment, or pick up your kids from school, or even designate Fridays as “Studio Days” where you tell the rest of the world to bugger off while you make art.
• Or even to STAY in your current career but with 99% less pressure because you’ve got a “fuck you fund” in place and have built a well-crafted personal brand that gets recruiters routinely knocking at your email inbox.

Imagine how different your life would be IF you could…

Disconnect time from money and get paid — not for sitting your butt in a cubicle for 40 hours- but for doing work that energizes you AND provides a highly valuable service, too.

Those are the shifts you can see when you turn your business idea into action steps.

That’s why we’ve developed the totally free “ Validate Your Business Idea in a Weekend” workshop. By the end of this workshop, you’ll have a better sense of WHICH business idea, out of the many floating around in your head, you should actually move forward with. So that you don’t waste time, money, and the last of your sane neurons on a business idea that’s a money pit.

Here’s a peek at what you’ll learn:

• How to choose your big idea (with 10 key questions to help you brainstorm)
• How to turn your idea into an offer (unique selling proposition anyone?)
• How to perform undercover research and conduct IRL interviews (it’s easier than you think)
• And, lastly, I’ll tell you about how you can turn your offer into a sellable test product

Don’t have a business idea?

You will after this free training. If you think you’re someone that just “doesn’t have good ideas” or you worry that “it’s all been already”… that’s totally normal to think that and 100% fixable (in fact you’ll learn why having competition is actually a GOOD thing).

Join here (hurry, this class is live for a VERY LIMITED TIME) 👇

Originally published at https://www.foundryy.com.