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Steps to Successfully Validate YOUR Business Idea
Today Paul gives great advice on how to validate your business idea. He talks about the steps you need to make and the action you need to take so you can validate your product or service.
KEY TAKEAWAYS
- Validation is giving you the confidence to drive your product or service forward, that your product is actually going to work and people are going to buy it.
- There are three key steps to validating your idea and stop you wasting valuable time and money creating something nobody wants:
- You need to research the market and find out if people actually want your idea. You can look at places such as google trends to get raw data on what people are searching.
- You need to test the product or service. Come up with a minimum viable product/service. Something that you can minimally develop and then get people in your local network to see if they want to buy it.
- Is your product or service scalable? Can you replicate your product or service to a greater market, can you grow your business to a level you want?
- When first starting out you need to find a product or service that fits into a marketplace where you have healthy competition. There’s no point ‘reinventing the wheel’ this becomes expensive unless you have a lot of cash behind you to invest.
BEST MOMENTS
“People don’t buy what they need they buy what they want”
“Is there a want, a desire for the product or the service that I have to offer?”
“Follow the clues your competitor has left”
VALUABLE RESOURCES
BulletProof Business Podcast
ABOUT THE HOST
Paul Abercrombie
Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success.
"In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”
CONTACT DETAILS
Paul Abercrombie LinkedIn
See omnystudio.com/listener for privacy information.
View all episodes
By Paul Abercrombie
5
11 ratings
Today Paul gives great advice on how to validate your business idea. He talks about the steps you need to make and the action you need to take so you can validate your product or service.
KEY TAKEAWAYS
- Validation is giving you the confidence to drive your product or service forward, that your product is actually going to work and people are going to buy it.
- There are three key steps to validating your idea and stop you wasting valuable time and money creating something nobody wants:
- You need to research the market and find out if people actually want your idea. You can look at places such as google trends to get raw data on what people are searching.
- You need to test the product or service. Come up with a minimum viable product/service. Something that you can minimally develop and then get people in your local network to see if they want to buy it.
- Is your product or service scalable? Can you replicate your product or service to a greater market, can you grow your business to a level you want?
- When first starting out you need to find a product or service that fits into a marketplace where you have healthy competition. There’s no point ‘reinventing the wheel’ this becomes expensive unless you have a lot of cash behind you to invest.
BEST MOMENTS
“People don’t buy what they need they buy what they want”
“Is there a want, a desire for the product or the service that I have to offer?”
“Follow the clues your competitor has left”
VALUABLE RESOURCES
BulletProof Business Podcast
ABOUT THE HOST
Paul Abercrombie
Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success.
"In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”
CONTACT DETAILS
Paul Abercrombie LinkedIn
See omnystudio.com/listener for privacy information.