Will that brilliant business idea really take off? Here are five ways to test it--before you invest too much time and money.
Pete Prodoehl/Flickr
At my marketing agency, Ciplex, I deal with a lot of
clients who hire us to build a website for their business idea--based
solely on their gut feeling that idea will be successful. They skip the
step of figuring out first if they're solving a real problem in the
world.
Big mistake.
Before investing any time and money in a business, you need to validate your idea. I asked members of the Young Entrepreneur Council,
an invite-only organization for young, successful entrepreneurs about
the best ways to validate ideas. Check out their responses below:
Use smoke tests.
An easy way to gauge interest in an idea is to run some basic tests fist. Devesh Dwivedi,
an author and speaker who founded his first company at age 14, advises
entrepreneurs to run a basic Craigslist ad to gauge interest. For
example, perhaps you want to start a business around hiring babysitters
online. First, place an ad that offers the services. Do people contact
you? This is a cheap and effective way to glean feedback on start-up or
related ideas.
Travis Steffan, a serial entrepreneur, says he generally places an idea on a site like LaunchRock,
which helps people to quickly set up a "Launching Soon" page. He then
invests in Facebook ads and watches click-through rates. If a good
number of people sign up, it means there's real interest, and it's time
to take the next step.
Assess yourself.
This one sounds basic but it's worth remembering. Instead
of focusing on building products that are simply "cool" or "innovative,"
ask yourself if the product is something you would use. This is the
approach Matt Ackerson, founder of SaberBlast.com, took when launching his company. The easiest way to validate an idea, he says, is to first "survey a market of one: yourself."
Find a mentor or industry advisor.
There are always going to be people who have expertise or
experience you lack. Don't shy away from them--introduce yourself and
make a connection. That way, you have a valuable contact in the industry
of your choice to determine where the needs are, and how you can
address them.
Conduct a survey.
Sites like SurveyMonkey.com
can help you gather feedback on your ideas. Create one and share it on
your Facebook page, Twitter feed, and LinkedIn profile, or send it out
to trusted professionals, friends, former co-workers, students, and
family in email blasts. This is another great way to gauge needs,
interest, and gaps in specific industries.
Trust your gut.
It will lead somewhere, says Corey Blake,
a comic book pundit and performer. Maybe it results in a successful
product, maybe it won't. Either way, you get a valuable education in
what works that will help you later on.
What methods have you used to test your own ideas?Source:inc.com
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