How to validate a scalable business idea?

Most people in this competitive world have unique business ideas but due to lack of enthusiasm fruitful results can’t come to the surface. Then, those people disappoint to see their idea in a local retail store of a giant company. It happens as ideas stall due to the overwhelming nature of the current market.

So, if you are an aspiring entrepreneur, and you have an innovative idea, don’t just go for the idea by scribbling it on a napkin, think something way beyond that approach. But before that you should know how to start a business, only after this step, the process of achieving goals gets much easier. Creating a business idea is the primary concern here, for which you have to follow five distinctive steps given below.

Step-1    Search for the similar idea

There is a fair chance of coincidence which leads to two similar ideas from two different people. That’s why whenever a new idea strikes to your mind which might be the next big business idea for you, try to find the idea or the product or the service by validating its web presence. Simply, you have to search it on Google, YouTube or other social media websites. If you find anything similar, don’t get yourself in a hurry and don’t lose your inspiration. There are some aspects of improving which you can do to enhance the quality of existing products. You can also offer values towards the business sector with the innovative idea. You just have to move towards the next level; that’s all.

Step-2    Always seek feedback

To follow this step, you have to discuss with other people about the idea, but only with the people whom you trust the most. Honest feedback of their matters at this stage. Don’t let yourself trap in idea lock. If you only think your idea is the best, then you better reassess the entire process regarding feedback.

Step-3    MVP Building

You also have to consider the development of a minimum viable product or else known as MVP. With this approach, determination of the usability associated with the product can be possible. In other words, you can know that whether the product can be used by you as well as other people or not. For this, you just have to create a prototype as well as you can rely on modern technological resources, like- 3D printing. After the MVP building, you have to test it, and you should allow others to test it. In this way, you can know the degree of usefulness of that product or else scrap the thought.

Step-4    Identity Building

After the process of testing is a success, you have to start building your brand. Don’t stay behind, as in this fast moving as well as the innovative business environment, an idea might get obsolete very soon. Try to blend in with the ground breaking technology. Then, there is also the threat of stealing, and it is a completely valid concern, so patent your idea to protect it. Choose a nice name and create a secured website with a sharp page of business landing.

Step-5    Customer Acquisition Planning

In this step, you have to focus on two major questions, “How to get the customers in this sector?” and “How to attract the potential customers?” Therefore, a robust customer acquisition plan is required along with an effective marketing strategy so that you can explain all the points to the investors as well as stakeholders in an undoubted manner.

Leave a Reply

Your email address will not be published. Required fields are marked *