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Ep 52: You have a great business idea: So now what?
When a new business idea strikes, it's essential to test and evaluate it thoroughly before diving in headfirst. Here are some steps to help you validate your business concept without breaking the bank:
- Identify the Problem Your Solution Solves: Rarely are business ideas entirely new. Embrace the fact that your unique advantage lies in who you are, your knowledge, experience, personality, and more. Focus on understanding your competitors, the market, your clients, the product, and the pricing structure. Improve upon what already exists, or communicate your solution clearly.
- Lock Down the Details: Organize your thoughts by writing down a concise summary of your business concept. A 3-5 page document that captures the key points will suffice. The Business Model Canvas is an excellent tool for this purpose.
- Embrace the Lean Startup Model: Reduce your business concept to its core feature, excluding any additional features that can be added later. Launch a basic version, often called the Minimum Viable Product (MVP), to validate your idea and generate interest. Set trial periods and goals for evaluation.
- Build a Simple Website: Create a professional, functional website using platforms like WordPress, which offers free templates. It's a cost-effective way to measure interest and gather data.
- Choose the Right Marketing Mix: Effective marketing is crucial. If you're not well-versed in copywriting, consider hiring a competent copywriter. Focus on creating a strong online presence, engage on social media, give back to the community, and seek word-of-mouth referrals.
- Set Goals and Evaluate Results: Establish a time frame for your trial period and concrete goals to achieve during this time. If you meet your goals, consider expanding your product or service offering.
- Never Stop Changing: Be prepared to adjust your course as needed. Change is a part of evolution and can lead to success.
Remember, it's essential to work smartly on your business idea to increase your chances of success.
Website: www.tomclairmont.com
Online Course: Solopreneur 90 Day Launch Plan
Receive weekly tips and perspective emails from Tom on having a professional online business HERE.
www.tomclairmont.com
Support this podcast at — https://redcircle.com/solopreneur-success-path/exclusive-content
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By Tom Clairmont | Helping Solopreneurs Launch and Grow Their Business
5
55 ratings
When a new business idea strikes, it's essential to test and evaluate it thoroughly before diving in headfirst. Here are some steps to help you validate your business concept without breaking the bank:
- Identify the Problem Your Solution Solves: Rarely are business ideas entirely new. Embrace the fact that your unique advantage lies in who you are, your knowledge, experience, personality, and more. Focus on understanding your competitors, the market, your clients, the product, and the pricing structure. Improve upon what already exists, or communicate your solution clearly.
- Lock Down the Details: Organize your thoughts by writing down a concise summary of your business concept. A 3-5 page document that captures the key points will suffice. The Business Model Canvas is an excellent tool for this purpose.
- Embrace the Lean Startup Model: Reduce your business concept to its core feature, excluding any additional features that can be added later. Launch a basic version, often called the Minimum Viable Product (MVP), to validate your idea and generate interest. Set trial periods and goals for evaluation.
- Build a Simple Website: Create a professional, functional website using platforms like WordPress, which offers free templates. It's a cost-effective way to measure interest and gather data.
- Choose the Right Marketing Mix: Effective marketing is crucial. If you're not well-versed in copywriting, consider hiring a competent copywriter. Focus on creating a strong online presence, engage on social media, give back to the community, and seek word-of-mouth referrals.
- Set Goals and Evaluate Results: Establish a time frame for your trial period and concrete goals to achieve during this time. If you meet your goals, consider expanding your product or service offering.
- Never Stop Changing: Be prepared to adjust your course as needed. Change is a part of evolution and can lead to success.
Remember, it's essential to work smartly on your business idea to increase your chances of success.
Website: www.tomclairmont.com
Online Course: Solopreneur 90 Day Launch Plan
Receive weekly tips and perspective emails from Tom on having a professional online business HERE.
www.tomclairmont.com
Support this podcast at — https://redcircle.com/solopreneur-success-path/exclusive-content