Before you plan to work on your business idea, it is essential to validate the idea. It is important to analyse that is it a worthwhile idea to work on!
There is various platform which provides the services to validate the startup idea. However, personal clarity on the idea and it’s potential to grow is the biggest need to validate the business idea. Once you are clear that idea is million dollar thought, this will boost your confidence to work on the business idea.
Here is some basic question you can ask yourself to validate your startup idea
- Which problem your start-up is going to solve?
- Is there any existing solution for the problem that your start-up will work on?
- What kind of solution was provided in the past and why the solution fail or succeed?
- What are the specific benefits that you can list out which your business will provide?
- Do you have a clear idea about the key features and language of your services or product?
- Is similar kind of business idea already exist?
- Do you have any competitors in this field?
- Have you carried out a SWOT analysis of your upcoming business?
- What are the unique features of your business idea which will be difficult to copy for a long time?
- So you have the resources (HR,finance, technology, market) available with you to launch the business?
- Can you take advice from anybody who is an expert in the field?
- Are you aware of the size of the market in which you are going to sell your services or products?
- Do you know who are your potential customer? Have you check their response to your business?
- Is your landing page for the business ready. Do you got any people interested and who sign up for more information?
- Can you build a minimum viable product in order to test the market?
- Do you have any customers who you can target and who will be ready to pay for the pre-order of the product or services?
- Do you need any partner to produce the product or provide the service?
- Do you need distributors to scale your business?
- How can you define a break even point or a point at which your business will start making a profit?
- How the investors in your business will earn a profit?
Video Source : Startup Growthfoundation.in
So, these are the 20 question which you have to answer.
If you have NO to any of these question you first make sure you have to make an arrangement of the missing terms before you go for the business.
This will help you to be well
prepared before you come in the market with your idea of business.