How to validate your business idea?
No matter where we are in the business journey, once we are in, no one can stop those compelling ideas we get, almost every other day.
My thinking phase started when I was in college and all I could see were problems that I can solve by making software or just a mobile app for it.
I started building very small projects like the tic-tac-toe game and calculators(like the mandatory thing to do when you start programming).
Then I did something bigger than tic-tac-toe, I tried to make a phone unlock software backed up by a very strong logical touch. It was a huge and complex project. Honestly, I never finished that one. I had so many ideas to improve the basic logic of that project, so I never realized that I should just launch it with something minimum at first, yet updates were so important to me.
After 2 years, with one of my freelance projects, I got the same feelings. I developed all the basic features but didn’t feel like it’s ready to face the feedback loop.
Then I went back to learning what is wrong with the process. Why I have not launched something yet. I went straight to google this time and searched about launching a product.
The best lesson I have learned was the process, the whole ideation process. And it stayed with me forever.
So, I have made a simple version of that process. Hope it would be of some help to someone out there trying to start something and who doesn’t know what to do with the ideas.
What is the problem?
“Problems are not stop signs, they are guidelines.” — Robert H. Shuller
When you get the idea, understand why is that necessary. Ask yourself, Is this going to solve any problem? In short, what’s your vision.
No matter if the solution is going to solve small or big user problems. It can be just a personal project too. The point is to solve something for someone.
The more problems you solve, the more motivated you’ll feel. Learn to understand. Learn to connect with the idea and success is going to follow you there.
Another important factor while understanding your idea is to understand your audience.
Understand who is going to be your potential audience. Do segment-wise research. For E.g. what gender group is you going to target, what age group will be actively using this solution, who will be your direct audience, what’s the ideal market need, etc.
The second thing to consider is your competitors.
Know who are your direct and indirect competitors. Understand what they are offering and how your product will make a change in the user experience. If anything, competitors are there to boost up your morals. The more you have them, the clearer you can set the goals.
What’s the solution?
“If you define the problem correctly, you almost have the solution.” Steve Jobs
So true, right. Work on how you are going to solve that problem for people. Pitch about what’s unique in your approach. Sometimes people even don't know that they need a solution. Make sure your solution speaks for itself. Because the solution is your end product. That’s what you’re going to build. That’s where you’re gonna put all your energy and money.
Go and meet people or send out some google forms. See what people really want from your kinda product. Build an MVP and send it out for testing, see which features are really attracting user responses.
Why would they pay for it?
The most interesting thing for me(or for anyone) while developing a product is getting the required attention. Sometimes it’s free and sometimes people have to pay for it. Understand this, not all products will give you the profit or generate revenue. That’s why you have to make sure that the idea you’re working on is worth people’s time and money.
“Value is more expensive than price.”― Toba Beta, Master of Stupidity.
If you think that your product should be purchased, then make something worth purchasing. Ask yourself, and your friends, if they would pay anything to use this product. My favorite way is, to do surveys with all the doubts I have in mind for the audience. Choose the channel you’re comfortable with and reach out to people.
These were three main aspects I wanted to share with you all for idea validation in your business. 😊
Let me know how you liked it. You can connect with me on Linkedin at https://www.linkedin.com/in/darshana-khichi-843631103/. 🍻