7 Ways to Rapidly Validate Your Business Idea

21/4/2021

You have a fantastic idea, but can it become a successful business? Does it solve a real-world problem? Will people want to pay for it?

Validating your business idea will help you answer those questions and give you a better sense of what it would take to turn it into a sustainable business.

Lots of people wait to build a product to validate if their assumptions were correct. While some might get lucky, chances are meager.

Instead, you need to validate your idea as fast as possible, even better if it’s at an early stage.

Validating your business idea, especially at an early stage, will give you the confidence you need to keep investing resources in it!

These are some steps you can take to validate your business idea rapidly.

1. Write Your Product/Service Description Down

Having lots of ideas sounds great, but once you put them down on paper, they often don’t look so great. 

A quick and straightforward way to validate your idea is just to write it down.

Doing so will help you visualize it. 

Be sure to describe:

  • What your business idea is in a concise, understandable way
  • Who will benefit from your business idea
  • Why will people prefer your business over others

If you’re having trouble writing down any of these points, then you probably need to invest more time thinking about your business idea and your value proposition.

How long it takes: ⏱⚪️⚪️⚪️⚪️

It’s very quick!

2. Talk to Potential Customers

Lots of business ideas (some of the best) come from trying to solve personal problems. 

If you have a problem, chances are others might have it too! 

Asking potential customers questions about your business idea can help you validate it, especially if it’s at a very early stage.

Some sample questions you can ask to validate your idea are:

  • Is this idea solving a problem you have?
  • How do you currently solve this particular problem?
  • Do you think that’s the best way to solve this problem?
  • Would you try a product/service that solves this problem?
  • Would you pay for this product/service?

You get the idea.

Talking to possible customers will also help you validate your problem, which is one of the most important parts of launching any type of business!

An easy way is to reach out to friends and family first. The only thing you have to consider is that they can be potential customers!

How long it takes: ⏱⏱⏱⚪️⚪️

It takes time, but you’ll get a lot of valuable information!

3. Validate Your Problem

Before you even start working on a solution, you need to validate your problem.

It doesn’t matter if you have a great idea. It doesn’t matter if you think it’ll be a huge success. You need to make sure that it will work for others and solves a fundamental problem.

As said before, talking with your potential customers will help you do this. If you’ve already done that, you’ll want to make sure that:

  • There’s a real, poorly-met need they have
  • That need is in a reachable market
  • You’ll have customers that’ll accept your solution
  • Customers will want to pay for that solution

Essentially, try to find a product/market fit.

The goal is to understand the problem your customers might have indeed!

How long it takes: ⏱⏱⏱⚪️⚪️

The good news is that you can do it at the same time you’re talking with your potential customers, so you’re already saving time!

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4. Conduct a Basic Google Search

Now that you know that there’s interest in your business idea, it’s time to know if there’s something similar in the market.

It’s possible that your potential customers already mentioned some, but you’ll want to go deeper at this stage.

We suggest a simple keyword search with Google. 

Use keywords related to your business. 

If you described your idea and wrote it down wrote as we mentioned before, this step will be effortless!

How long it takes: ⏱⏱⏱⚪️⚪️

Depending on how deep you want to go!

5. Find Out Who Your Competitors Would Be

You can find companies that rank well on Google and offer services or products similar to your business idea. That’ll give you a general sense of who your competitors might be. 

But, a Google Search gives you a minimal view of your competitor landscape.

To know more about your competitors quickly, you can try out iSearch.ai. By writing down your idea (you can use the description we mentioned before), you’ll find out who your competitors are and, more importantly, how your idea compares.

You will even get a score. The higher the score, the more unique your idea is!

If you want to go one step further, you can improve your idea by leveraging your competitors’ weaknesses.

Competition is not always bad. Competition is a sign that there’s a market for your idea. 

When you can’t find a similar product at all, it often means that people simply aren’t interested in a solution like the one you have.

It’s not the end of the world!

By knowing this, you can always tweak and adjust your idea to make it more unique. You can tweak the description you used in iSearch.ai and see how your scores (and competitors) change. 

How long it takes: ⏱⚪️⚪️⚪️⚪️

Using iSearch.ai is one of the quickest and most effective ways of validating your idea.

6. Determine If Your Idea Has Demand

If you already found competitors and interest in your idea, you already know there’s a certain demand for it.

You can go deeper and use tools like Google’s Keyword Planner or Moz’s Keyword Explorer to find what people are looking for online.

Both these tools show you the monthly search volume for any particular keyword, and they’re also great for discovering what else people search for. 

Do keep in mind that Google’s Keyword Planner is based mainly on paid keywords, not organic like Moz’s or any other SEO tool might. 

How long it takes:  ⏱⏱⏱⚪️⚪️

It’s pretty fast!

7. Build an MVP 

An MVP is a minimum viable product, with emphasis on the minimum.

An MVP doesn’t need to be a fully functioning app or website. On the contrary, it just needs to have enough features to validate your idea with the lowest effort possible.

Building an MVP shouldn’t be expensive or time-consuming. You can simply create a landing page explaining your value proposition or a signup form. You can create a mock app. You can create a mock design. Anything! 

Remember, emphasis on minimum

The most important thing is: define what you want to validate!

How long it takes:  ⏱⏱⏱⏱⚪️

Remember to be smart about your MVP; you don’t want to invest a whole lot of time on it!

Do Something With Your Idea!

The main takeaway is that you need to do something with that business idea that’s on your mind.

It doesn’t matter if you have to rethink some features or further know the market. The important thing is to start doing something about it.

Validating your idea, even at an early stage, means that you’ll be investing your resources in an idea that has real potential.

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