So you have decided on your business and are ready to get started. You may be thinking “is my idea really worth investing in?”. In this post, I will explain how you can find out so you don’t waste time and money investing into something that doesn’t work or skip over an opportunity due to doubts.
Coming up with ideas is as simple as brainstorming until you have enough to create a short list and narrowing down your options while also considering your skills and resources. Once you have found the idea that seems the most promising, it may be tempting to rush into it and put all of your marbles into one basket. The problem with this is it goes against the idea of “failing fast”; the concept of testing and iterating on ideas quickly, with the expectation that some of them will fail. Next, we are going to dive in to what you should do after you have an idea that you would like to pursue.
Step 1: Identify Who Your Product or Service Will Serve
Finding out who will likely need your product or service AKA your customer is the first step to determining whether it is valuable. This part is relatively straightforward. If you think about it for a while and are still unsure of who your product or service is meant for, it may not be the best business idea. Your goal should be to provide value to others.
Step 2: Ask Your Potential Customers If They Would Use Your Product or Service
Before You Invest a lot of time and money into a business idea or even developing a skill, it is important to ask potential customers if this is something they want. Most people do this backward. They start a business that costs a ton of money or learn a skill that takes months or years before they even know if there is a market first. Ask first, create later.
Another reason why you do this is because once you start the business, you will have a nice list of potential customers that already want your service. Talk about a head start! Just remember that this is a numbers game. If the first, tenth, or even fiftieth person you talk to says they are not interested don’t give up. Keep asking until you have a large enough sample size. Also, work on your sales skills. Make sure you can communicate your idea in a short but effective way.
Step 3: Start Building
So you have came up with an idea, identified potential customers and have contacted them and got good responses? Now it is time to start building. This part will be a lot easier now knowing that there is a light at the end of the tunnel and a list of people who want what you are creating. Whatever it is that you do, keep working to become your very best!
In conclusion, starting a business is an exciting and rewarding journey, but it’s important to ensure that your business idea is worth investing in before putting all of your time, energy, and resources into it. By following the three steps outlined above, you can gain a better understanding of your potential customers, validate your idea, and start building your business with confidence. Remember to keep an open mind, be willing to adapt and make changes along the way, and never stop learning and improving. Good luck on your entrepreneurial journey!
