Here's how you can validate your business ideaMunira Rangwala
Any entrepreneur you talk to will tell you that it is important to validate your business idea before actually starting a business. Why so, you ask? Imagine putting all your energy and time behind one project only to see the final outcome fail miserably even after you've pumped in thousands of rupees in advertising. When something like this happens, it doesn't just set you back by a few years and thousands of rupees, but it also breaks your spirit. It is great to be excited about a certain idea that has taken seed in your mind, but it is also important to find out if that idea is worth pursuing. Here are three easy steps that will help you validate your business idea before you move ahead.
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Don't be afraid to get feedback
Don't wait for your product to hit the market to get feedback. That is one of the most fatal mistakes any entrepreneur can make. Instead, during the initial stages of product development itself, reach out to your target audience and get them to try your product. Make use of on-ground surveys and social media to get honest reviews about your product. This way, if the product is not being liked by your potential consumers or if they want slight variations in the product, you will know about it in due time to make the changes. Rob Walling, creator of Drip, said that he wanted to find 10 people who would be willing to pay a specific amount for Drip once it was complete. He even got his initial customers to provide feedback on how Drip should work to give him a clearer idea about his product.
Don't take feedback from those close to you
If you ask your mother how you look, she's bound to tell you that you are the most handsome man in the world. See what we mean? Very rarely can family and friends be objective when it comes to someone close to them. If you want an unbiased opinion, avoid taking feedback from those near and dear to you unless you're a fashion designer seeking your aunt's opinion who was a runway model once upon a time. Sometimes, family and friends might also feel forced to give feedback for feedback's sake and might end up making a point they don’t really believe in. This will only do you more harm than good.
Pitch your idea to as many clients as you can
Once you've got the nod from your target audience, the next step is to get financers to put money behind your idea. For this, you'll need to have your product ready and you'll need to compile positive-sounding surveys and interviews from potential customers to prove that there is a market for your product. For example, if you're developing a mobile app, you need to have the app up and running before you take it to your financers. The more confident you are about your final product, the harder it will be for clients to reject you.
Your business is your baby, so don't be afraid to show all your love and care for it. Just remember to be objective and validate your idea using the above mentioned three steps before moving forward.