How To Validate Your Business Ideas Before You Execute Them

It’s simple and it saves you time

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Step 1: Check if there’s an existing market

If nobody else is offering the product/service you’re thinking about, it’s probably not a profitable idea. That doesn’t mean it’s a bad idea!

Step 2: Soundboard your idea with entrepreneurs

The definition of a sounding board is “a person or group whose reactions to suggested ideas are used as a test of their validity or likely success before they are made public.”

Step 3: Create a landing page and get signups

Let’s say your idea has an existing market and people are actually paying money for similar products/services. And you came up with a unique offering that’s different from what’s available. Then you’ve asked fellow entrepreneurs, received good feedback and applied everything you learned.

1. A landing page

This is where you’ll convince people to sign up. It should be sending the right message and showcasing your product/service in the best possible way. You cannot mess this up. Your idea won’t reach (much less convince) anyone if your landing page sucks. There are many software solutions you can use to create a landing page for your idea.

2. An email provider

You also need an email provider to capture those emails. I highly recommend looking for a service with good automation and efficient campaign planning features. As you collect more emails and your waiting list grows, it will be more difficult to keep up with everything. You’ll need something that can intuitively help you out, so you can focus more on important matters. I’ve been using ConvertKit for some time now. It’s great. But most of the popular solutions will do.

Step 4: Launch an MVP

Your idea has been tested and people are signing up for your waiting list. Here’s where most internet entrepreneurs screw up. They take too much time to launch their product or service. They get in their own way. Does this sound familiar?

Conclusion

Great ideas won’t go anywhere on their own. It’s tempting to fantasize about having freedom and earning a living with your business. But ideas that sound good in our minds don’t necessarily work in reality. So if you really want to act on your idea, the best thing you can do is to quickly test it out in the real world. That will increase your odds of real success.

Written by

Creator of the Stoic Letter | My best-selling online class ‘Effective Writing’ opens January 17. Learn more here: dariusforoux.com/effective-writing/

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