How Do I Validate My Business Idea?
For every home-run business concept you might think of, there will probably be a dozen or so foul balls. So how can you separate the wheat from the chaff, when it comes to taking the plunge and pursuing your idea?
Here are a few tips and tricks to help you validate your business ideas:
- Do your market research. You don't need to pay for an expensive survey right off the bat. Check the internet. Who is your competition? Has your idea been tried before? Often in the world of Intellectual Property, you can run a simple patent-search to see if you have a novel concept.
- Ask experts. If you're an engineer, and you've conceptualized a product that could be used in medicine, ask the doctors who would be using that product what they think about it. The same goes for any business. Make sure the target audience would actually use your product or service.
- List the problems you're solving. If there's no problem, there's no niche to address.
- Write up a business plan. If you've made it this far, take the time to write up a business plan. Often in doing so, you'll think of additional obstacles that will have to be addressed.
- Meet with potential investors. You can use a site like Liftoff Capital to gain investor exposure and network with other entrepreneurs. Join Facebook groups and LinkedIn groups to further network.
- Reach out. It never hurts to ask for help. You'll be surprised at how many people and resources are available to help you with the process.
Remember, we're rooting for you! Good luck out there!