21 Aug 2017, 08:42 — 4 min read
Establishing a business can be one of the most rewarding journeys in the life of an entrepreneur. However, making something of a business idea demands time, effort and reservoirs of strength over a long period of time.
As such, It is crucial then, for a budding entrepreneur to take stock of their business idea and subject it to an examination before embarking on the long road to establish a business. Finding an idea that is scalable and that caters to a market need is a sure shot way of finding business success. Here are four ways one can test your startup business idea:
1. Have conversations - Feel out an idea by speaking not just to advisors but potential customers. Establish trust so as to have a fruitful conversation. People encouraging a friend out of politeness is not helpful in this case. A new product or service in a space will aim to create a disruption that would drive people to use the new product. Status quo can be a powerful force that makes people resistant from trying something new. Identify the problems that people have with the current solutions in the market. Solving for these problems should be a core aspect of a product or service that aims to enter the market.
2. Conduct quantitative surveys - Surveys using existing services online are easy to deploy and can even test for demographic indicators of your choice like income, cars owned or children in the family. These surveys can build on the first initial step of sussing out an idea by finding out how big of a target market there is for a product or service in the wider world. The best surveys come at a cost which rises depending on your target audience, but that is money well spent if the outcome is a better understanding of the target market for your idea. Insights from such a survey can help further streamline the solution.
3. Discuss with experienced entrepreneurs - A mentor can be very helpful in developing an idea. Even if their experience in the required industry is limited, a few conversations will help an aspirant understand what is required to succeed when starting out. Executing an idea is the essence of starting up, but developing the business idea is key and a more experienced hand can help in righting the ship before it sets sail.
4. Use targeted ads - Use the freedom of the web to set up ads that target your prospective audience. It is one thing to say one is interested and excited about a product and quite a different thing to take that extra step and commit to buying it. See if people are willing to sign up for waitlists after seeing that ad and then engage in dialogue with them. This will help in understanding further what it is that people are looking for, what they potentially hope for in a product and what one can do to ensure that a market need is being catered to.
A well-researched business idea is usually the precursor to a successful startup. Make sure your business idea fits the bill!
Posted byGlobalLinker Staff
We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.
14 Sep 2021, 11:07