4 Steps To Validate Your Business Idea Before Launching
Chris Michael Harris, Entrepreneur
In today's episode, let's talk about how you can validate your business idea before you launch it. And before we start digging into these ideas one by one, make sure that you've read the previous post. FYI we designed this topic sequentially to help you grow your business. Some things must be done first so that you can catch some things that we're going to discuss now!
And here are the four steps to test your idea before building a business. Let's start.
1. Gather data from the people you interviewed
In the first part of our series, one of the things that I mention in building your business idea is interviewing at least ten people who are more likely to become your client. And you're just trying to gather what their single most significant problem is. We want to use data and use the internet to help us be our best friends because, honestly, there's plenty of evidence out there for us if we're just willing to follow the breadcrumbs.
2. Check off the competition for your market
Whatever your idea entails, one of the things that I want you to do is find competition. What I would do personally is I would see maybe five to six people that are in your market that serve, particularly who you're thinking about helping. Perhaps you have a rough idea of who you want to help. In checking for competitors and inspiration, look for hints, clues, and some of how they have left breadcrumbs for you to follow.
3. Use Google Trends
Next, we're going to use my favorite tool for this exercise, which is Google Trends. So Google Trends will allow you to see actual search volume contingent upon whatever your search query entails.
When you're using this Google Trends tool, think about the potential seasonality of your business or the likely trends. You want to find consistent stability over time because it's probably a growing or emerging market, but you may find that it becomes saturated. You need to narrow down a little bit further and find your area where you can appeal to a broad market instead of competing with everybody else.
4. Do more research on Youtube
The last thing I would do is I would go through and search for something like YouTube. And I would see what people are searching for in my specific industry because that will give you a ton of content ideas. And it is going to show you the actual search volume for your particular business and your specific industry as far as what people are asking what relevant questions people are seeking.
Wrap Up
Now, I hope you have a clear idea of how you can validate your business idea. And make sure that you get your business off the ground successfully this year.
See you guys at the next one!