10 ways to verify your business idea, do not validate the idea instead, verify the existence of the problem through three killer questions If your customers are breathing, they can by definition live without you and achieve their goals with some alternative means so in this article we will talk about 10 ways to verify From your business idea
10 Ways to Verify Your Business Idea
Draw your thoughts
First, take a piece of paper or use your laptop computer where you can extract or write it out.
Use it as a mirror to reflect all the details or ideas related to your idea.
It will give you an accurate picture. Once you have this visual in front of you, you can start formulating and editing the image.
Stages of drawing ideas
Problem hypothesis: What is the pain point you are solving for your target audience? Clearly, describe the problem in simple terms.
Customer Hypothesis: Who do you want to target? Where are your customers? Can you describe your customers? Sure to narrow down your client type? If this is too broad, it will be difficult to validate your idea.
Solution hypothesis: What do you want to do? What is your solution? So what value will your solution bring to the target audience? How would that be different or unique to what already exists? What are the main features of your solution? Relate your solution to your problem.
Ideas are not tangible until they are implemented When we have an idea, we make an assumption about the world.
To ensure the successful implementation of any business idea, we need to be confident that the real world wants or needs our concept.
The questions that you answered above are your basic assumptions, and they should be validated.
Methods for testing assumptions
With Google now at our fingertips, finding answers to some of your questions should only take a few hours.
Through research alone, we can determine if your business idea falls under the Red Ocean Strategy or the Blue Ocean Strategy.
As for individuals with completely new business ideas, you may not find direct competitors, but you can search for indirect information to get some answers.
Search related blogs and written articles to learn more about what is happening in your potential field.
Pull unbiased research reports for the web’s expected audience and target market.
Analyze trends and uncover pain points from these reports.
Remember, the purpose of research is to gain a better understanding of the area in which you want to make an impact and to find answers to your basic assumptions about your idea.
2. Work for a company
The likelihood of an existing company or industry that you want to hack is very high. The best way to validate an idea is to get a job at a similar company that allows access to your target audience.
You will gain practical experience, understand customers, learn the process, and hear complaints firsthand.
Also, when choosing a company to work for, make sure it is small and has limited resources.
Don’t work for an economically strong company with a near-faltering business that is just getting started, you will see the whole picture – the good and the bad.
You will be exposed to all kinds of issues from customers and be able to challenge your mind to think of budgeted out-of-the-box solutions that will benefit consumers.
3. Connect with entrepreneurs
Whether or not your idea exists, it is in your best interest to reach fellow entrepreneurs who are working in similar fields.
Other entrepreneurs may keep information about customers, products, and pain points that you need, ultimately saving you time in the validation process.
Spend a lot of time searching and finding the right entrepreneurs to communicate in your business and make sure you get a good understanding of them, what they are doing and how you can add value to them. When you craft a letter for them, don’t make it overly formal.
4. Minimum breakable product
Build a minimal viable product that can be a presentation, video, photos, mockups or even just a quick landing page.
Then send your concept to your network via email or social media and ask them to provide honest feedback.
And some people in your network may not, out of politeness, offer the direct constructive criticism you are looking for.
To filter positive reviews for authenticity, follow up with those who respond by requesting a small batch of the product.
5. Join forums, communities and groups online
More people on the web are having conversations, sharing their frustrations either about the products they use or the new concepts they need to develop.
It’s just a matter of finding these discussions online. Once you do, you have your hands on consumer attitudes and preferences.
Start researching communities online using problem data or target demographic description.
Read and contribute to online chat threads regularly.
Don’t start pushing your idea or product. The goal is not to sell, but to get to know consumer choice and behavior. Just try to have a natural and organic conversation and focus your attention on understanding the problems.
6. Press door to door
Door-to-door delivery methods are the cheapest, but time-consuming, way to validate your idea.
This verification method is useful for those who are not sure of your target market. The best way to use this method is to prepare a survey with all the questions you want answering, before approaching the destination.
Use the mobile or tablet app instead of the printed paper form.
And the technology enables you to capture data seamlessly for quick analysis later.
7. Look for a router
Mentors in abundance now look for individuals who have worked in the area you are interested in or are still working in. You can look around in your network, or ask people in your circle to connect you to anyone in the industry you are in.
Another option is to find and connect with a mentor on professional networking platforms. A mentor can act as a guide, and can help you filter your thoughts and ideas.
An expert guide in the relevant field can also provide you with the answers needed to validate your concept, thus speeding up the validation process.
8. (10 ways to validate your business idea) Interview and monitor your target market
Your target market is full of your paying leads. They are the actual determinants of whether or not you have a financially viable business.
It is imperative that you talk and monitor your target audience as much as possible as you can resort to cold individual calls or go directly to the places where your customers are and have face-to-face conversations.
9. Network events and encounters
People with common interests and hobbies meet on an ongoing basis and there are local community events, for trade fairs, professional meetings, groups, and conferences of all kinds.
Make it a habit to find and go to relevant networking events and start a casual conversation, and take advantage of unbiased comments by asking occasional questions about your idea.
People who attend these events are also open to socializing and building new relationships.
You will likely be greeted and checked for relevant information on your project.
Take the opportunity to determine who will help you reach your goal and build your social capital.
Strong Social Capital is a diverse network that provides you with the tangible and intangible resources that will support the progress of your project now and even after the validation phase.
10. Attending courses
Most people never think of this as a way to validate a business idea.
Make a quick inquiry as to whether or not there are courses related to the business effort you want to launch.
Attending classes in your area of interest is a less straightforward but very helpful way to validate your idea.
You’ll join other industry peers who have access to the knowledge you can gain.
Peers will have other networks to join and validate insights to share.