All That You Should Know About Early Validation
How to validate your business idea in 5 steps
So, you’ve got an idea and can’t help waiting to launch it. But should you jump into it so fast? Well, in case if you are ready to waste a great amount of money in vain, you can do it. But, if you don’t want to separate with a big sum of money, the best variant is to start from validating your idea.
For that reason today we want to tell you about the ways how you can check your idea before putting too much into it.
#1: Check the competitors and speak to real people to get a feedback from them
Before you start moving further make a research. Probably, someone has already launched the same project. On the other hand, even if you find that there already exists something similar, don’t get discouraged too quickly. The chances are that you can propose something that those services can’t.
The best way to find it out is to talk to the people that are already using these apps. Ask what disadvantages do they find in it, what features they wish could be added and so on.
Pitch your idea, ask what people think about it, would they consider using it. Talk to as many people as you can. One negative feedback doesn’t show the real state. Ask, at least, a dozen of people. But don’t talk to your parents or friends! They love you too much, they are biased and they won’t tell you the truth.
If you find out that you can solve their problems with your startup and have positive feedbacks, don’t hesitate, move on. If not, you’d better think more and find something different.
#2: Talk to the influencers and trusted businessmen
If it’s not your first startup, you can skip this stage and move further. However, if you are a newcomer in this sphere, you’d better talk to the experienced businessmen and ask for their opinion. In most cases, these people have already come through the way that you’re going to take. Don’t be afraid that your idea will be stolen! On the contrary, you’ll definitely get a lot of valuable experience and advice from these connections.
#3: Make the custom acquisition plan
Let’s face the truth, even if you have an awesome idea, it’s worth nothing without the customers. So, even before going deep into writing a long-winded Business Plan, you should think about the way you’ll be looking for the customers. This question is crucial to think about because, basically, it’s the first thing that your partners and potential investors will ask about. Here you can learn more on How to Create a Customer Acquisition Plan for Startups.
#4: Write a business plan
A well-prepared business plan is a halfway to the success. When writing it, you can clearly see what are the weak points that you have and what things you should pay a special attention to. Your business plan will cover all the main points, starting from the general description of your product to financial planning and pricing. Here you can find useful tips on How to Write a Business Plan for a Startup.
#5: Build an MVP
As we told at the very beginning there is no need to spend all your money on building the product that is successful only theoretically (at least for now). That’s why the best variant is to start from building an MVP (minimum viable product). It will allow you to test the idea on real users. Think what is a set of functions that people will be willing to pay for. Keep in mind that an MVP doesn’t mean an end product. It’s a product that has core features only. Don’t care much about the design, it’s not the main thing now.
After having gone through all these stages you’ll understand whether you’ve found something that is worth your efforts (and your money!) or not. If not, don’t give up, think carefully again and you’ll come up with another idea. If yes, don’t wait any longer and move on!
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