How to Validate Your Business Idea in One Week
You just came up with a business idea – now what?
Every entrepreneurial journey is an unfamiliar and intimidating one, and not knowing how to start can leave anyone in a fix. To help you out, here is what you can do within a week to find out if your idea is worth the pursuing in the long run.
Make a prototype
A prototype can be easily made with minimal costs. If your idea is to sell a physical product, you can build a prototype out of clay. If your idea take the form of a mobile app or website, you can easily sketch the interfaces with a pen and paper.
Do not waste type making your prototype look perfect. The main aim of the prototype is to establish a common understanding of what your idea is between you and the person interacting with it.
Having a basic prototype establishes your credibility as a “potential entrepreneur” and not a “wantrepreneur”.
Seek feedback from people who are likely to use your product or service
When your prototype is completed, spend a few days to gather feedback from your target market. Approach people with your prototype and ask them if they would be interested in interacting with it while you share your business idea. You will be surprised by how many people are willing to give their opinion.
When you are done describing your idea, do not settle with a “this is a good idea” answer. Instead, ask probing questions to obtain more in-depth insights about the marketability of your idea.
5 follow-up questions to ask to validate your idea:
- How likely are you to buy or use [X] for yourself?
- How likely are you to buy [X] for your friends or family? Why would you do that?
- Is there anything you dislike about [X]? Why?
- How much are you willing to pay for [X]?
- Would you like to receive updates when we launch [X]?
Make a landing page to capture email leads
To capture even more interested potential users online, it is highly recommended that you make a lead generation landing page.
A lead generation landing page is a two-page website that helps you to:
- Explain what your business idea is about
- Collect information (e.g. email addresses) from interested parties
- Inform users of what they will get in return for their information (e.g. a notification of the future product launch)
- Persuade users to share the landing page URL with their friends and family
Focus on improving your idea based on collected feedback
Building a landing page is not easy, and many spend more time creating the two-page website than on improving the idea itself. Get someone else to a make a landing page for you and spend time validating your idea instead.