Jof Walters
Thursday, 25 February 2021
Validating Your Business Idea Doesn’t Have to Be a Daunting Process.
Posted in:
Startups
A significant reason that many individuals never follow their Big Ideas toward founderhood is fear of failure. Failure they won’t succeed, failure their product will never take off. But here’s some news… You don’t need a crystal ball to predict if your Big Idea will be a major success or a flop prior to building your MVP for your startup. All it takes is a little business case validation.Here are 5 key questions to ask yourself in order to validate your business idea. 1. What is the problem you are solving?One of the very first questions you should ask yourself when considering turning your idea into a reality is to identify the problem you are solving. This needs to be a solid statement - one you can clearly articulate on paper. Further, consider the severity of your problem. If it is something that will resolve itself in due time, it likely isn’t worth investing your time and money into.2. What has enabled competitors to succeed (or fail)?As a next step in validating your business idea, your eyes should go to the competition. In today’s saturated market, your idea likely isn’t 100% unique. Use this to your advantage. Take a look at what your competitors have tried in the past, what is enabling them to succeed now, and where there are gaps in the market you can fill.3. How can I reach my target audience?Having a Big Idea is a brilliant starting point, but ultimately, you need to know how to reach your target market in order to make your startup viable. You’ll want to know where your audience is - both geographically and digitally. What places do they frequent? What social media platforms are they on? This information will help you reach them after you’ve built your MVP for your startup and need to test it, as well as for product or service placement once you go to market.4. What key features will you include in your product or service?This one is a bit forward-thinking for your startup MVP development process, however you need to be able to state your key features clearly in order to know your Big Idea is viable. If you’re a bit hazy on these features, perhaps give your idea a bit more thought before diving in.5. Why will investors be interested?Ultimately, you want to build a product or service that investors will be interested in funding. If you can name one or two solid reasons investors will dedicate their resources to your startup, you’re on a brilliant track.If you’re able to answer these questions without hesitation, you’re ready to dive into market research and your startup MVP development. If not, hope is not lost - just go back to the drawing board and see what you can solidify.In either case, consider grabbing a spot in our next No-Code Bootcamp cohort. We’ll help you at every step of the way, including everything from business case validation and building an MVP for your startup to launching your completed no-code MVP at market.
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