Validating a Successful Business Idea for Free

Successful Business Idea for Free

There is way to find out whether or not an epiphany can turn into a successful business idea without having to wait for the entire plant to execute. You can confirm if the strategy will help solve the problem at hand. You can have your idea validated on two different levels, i.e. the micro and macro level. This will allow you to save your money and also find out whether the idea is worth spending time and effort on.

Macro Test

Before you test the specific ideas you should first confirm that there is nothing wrong with the big picture. This includes the size of the target market, all potential competitors and whether or not you stand out from them. The answers to all these questions are available on Google.

You can start by looking up keywords that are relevant to the idea on Google Trends and Google Search Engine. The Google AdWords platform is also a great way to find inspiration and plan your keywords. There are also many market analyses and industry reports uploaded on Google that have a lot of relevant information. You should just pay attention to the related searches Google shows you as well. Also look at updated information only which includes filtering out any results which are older than a year.

You should be aware of at least one other company that has a product which is similar to yours. You can research on the company and find out how it is doing against the other competitors. This gives you additional points on the threats and opportunities for your B2B venture.

Micro Test

Once you have conducted the macro test you should focus on the micro testing. This includes going to the competitors and asking them how they do their business. It usually works better if you pose as a student so they open up to you and tell you all that you need to know. You can also approach customers who are buying from them and ask them on their honest opinions. Questions on what they like and dislike about the brand can help you discover what constitutes as a successful business idea.

You can also try sharing your idea with them and see how they react to it but be warned that most people will tell you it’s good to be polite, so ask specific questions rather than whether they like it or not.

By | 2017-12-16T06:25:31+00:00 December 14th, 2017|Uncategorized|0 Comments