Ideas are great, but before investing our time & money into a business, we must first validate if the idea has the potential to be successful.
Here are some of the steps that we should take to validate our business ideas. 👇
Phase 1: Market Research
There are 3 important questions that we should be asking in this phase:
- What problem does my business solve, and how painful is that problem?
- Who is affected by this problem and to what extent?
- Who is already trying to solve this problem and what are their strengths and weaknesses?
Phase 2: Expert Validation
Now that we know there is an opportunity in the market, we want to get some expert advice on how to approach that problem, market, and industry.
What we recommend here is finding someone else who is already experienced in business to guide you in the right direction.
Phase 3: Customer Discovery
In this phase, we want to go deeper into the customer’s mind. We can do that by talking to them either directly or through online questionnaires.
The purpose of this is to get a clear understanding of the customer’s wants and needs so you can craft your product or service accordingly.
After completing these phases, you should have a clear understanding of your industry, your customers, and your competitors.
Now you can start building your business while maximizing your chances of success thanks to the data you’ve gathered.
Do you need help validating your business idea?
Book a call with us and discuss your business idea with an expert! 👇