by Lucy Benton
Do you have ideas for a new business? Starting from small investors to millennials, everyone nowadays looks for good business ideas, but it is only a few of them who end up on the right path. So, how can you know if your business idea is worth the time, and investment?
If you want to check your business idea, and see if it is a solid solution for earning a good income, follow these 10 tips and tricks:
Browse Top Sellers
Look at websites such as Amazon to get some idea of what is selling. If you have a product or service in mind, take a look around to get an insight of whether this particular item will sell or not.
The first thing on your list is to see if the category you are considering is in existent on Amazon, or similar websites. If it is, your next step is to check whether this category of products has a wide number of competitors. The more companies in your category, the bigger the demand is for that product.
Use Google Trends
Google Trends can help you get a bigger picture of the business idea you are considering. By checking out the latest trends, you will easily validate the demand, which is a key factor in your decision about starting the business.
Build An MVP
A Minimum Viable Product or MVP is the simplest way to check your business idea. According to Eric Ries, an entrepreneur and author of “The Lean Startup”, an MVP is ‘the simplest form of an idea that you can actually sell as a product’. Having a simple version of your product for testing in the early development process is crucial if you want to make the necessary changes before making a big investment.
Build A List Of Customers
Use various tools, and methods, to build a list of potential customers that will purchase your product, or service. This will not only help you determine if your business is worth giving a shot, but will also prove to be very beneficial once you decide to launch.
Run The Idea By Your Target Customers
Once you have an established product for business, make a prototype and take it to your potential audience. Select the most appropriate method – speak to acquaintances that would be interested in the product, conduct a survey, or even ask for help on the social media groups, with the goal of checking the viability of your business idea. “Identify people in that target market you know to be skeptical and critical.” says Chip Bell, the founder of The Chip Bell Group.
Test The Product On Social Media
According to Susan Solovic, one of the key things to take into consideration when making a business plan is the importance of social media. Once you get the word out about the product or service, you will get feedback about how much interest is produced with your target audience. You have to make engaging social media profiles with high-quality content. In this case, you can use such tools as Pocket, Hemingway App, or Admission service.
Get An Expert’s Opinion
A wrong investment can present a serious failure, which is why you must check your business idea carefully. When in a struggle with various ideas, get the opinion of experts who can advise you on which business to start, and how to promote it.
Use Landing Pages To Check Your Business Idea
Test out how well you can reach your target market, and convert them into your customers. Conversion rate’ market testing is the best way to establish how your potential sales numbers will work with people, and if these numbers are actually viable.
Ask People To Pay
If you test your product or service on friends and acquaintances, or even people you randomly found on the Web, they are very likely to give you an email address, or subscribe to your website. However, the best way to determine if they are really interested, is to ask them to purchase your product or service.
Know The Competition
Of course, big competition indicates high demand for a product or service, but this can be a cause of many headaches that are about to happen. Research and study the industry to analyze the best way to present your product, since big competition means that only the best marketers make sales. Once you establish how to promote your product, or service, in the best way, you are ready to beat the competition.
Starting a business is a scary thing to do, especially if you are not experienced, or trained, in business planning. Even if you are, chances are that your idea will fail due to a small number of customers, bad marketing strategy, or enormous competition. However, if you make sure that your business idea is solid, and you know how to make it happen, you are only a few steps away from being highly successful!
Lucy Benton is a business consultant, and marketing specialist at A-Writer and Admission Service. She helps people to turn their dreams into a profitable business reality. Lucy writes posts for websites, and blogs, related to marketing. If you’re interested in working with Lucy, you can find her on Facebook.