It finally hit you! That out-of-this-world, game-changing business idea. You can’t stop dreaming about it, thinking about it, and drawing on napkins about it.
You know exactly what you need to do, what your business model will look like, and who your customers will be. You can already see them lining up out the door.
After months of planning, investing, website building, branding, marketing, and every other little detail there is, you launch and… nothing. Customers are not only not lining up, they’re not even taking a second glance at you.
You realize that as great as your idea was on paper and in theory, in reality, there is simply no demand for that particular service or product.
You’re not alone: the majority of entrepreneurs become too caught up in realizing their ideas as soon as possible that they don’t take the time to figure out if the business will work.
The Fix: Idea Validation
Arguably, idea validation is one of the first steps to take after you have
your lightbulb moment or burst of courage to go after what you’ve always
Before you jump into idea validation, you must have a good grasp on what niche you want to operate in and who your target audience is. These factors may change through the idea validation process, but you need a specific place to start and then go from there.
Validating an idea will take time and will probably have you going back to the drawing board more than once, but it is what will save you from investing time and money into a business that fails to launch.
Here’s what the typical idea validation process looks like:
- Seeking feedback
- Exploring the competition
- Testing out the product/service