It can be extremely critical to select and finalize your startup idea as this will decide the future course of your time, money, and efforts which you are going to invest in your budding business. Therefore, you need to give a deep thought to your idea of whether you should choose this idea for your startup or not.
7 Ways to Rapidly Validate Your Startup Idea
In this article, we have curated a few points through which you can decide whether your startup idea deserves validation or not.
1. Noting down the basic plan of your business
Start with a basic draft of your business plan which you wish to pursue. This does not necessarily need to be a detailed one because your only purpose is to check if it is realistic.
Once you have prepared a basic draft, try focusing on a few following points:
- Target audience: Make sure that you have a particular audience on which you will target your idea or service.
- Type of market and business preferred: In this case, you need to realize that your business will be a small scale or a large scale one. Also, try to understand which kind of market your product/ service would fit best.
- Value added by your product: Ensure that there is at least a single value-added in your customer's life with the use of your service or product.
- USP of your product: USP (Unique selling proposition) of your product should be mandatorily present. This is important because this factor will decide how your product is different from any other potential competitor in the market and which factor gives you a separate identity.
- Current market conditions: It is important to check the trending market conditions before launching your startup. In case, the market is favorable then it is best to keep your startup on hold or make some changes to it.
2. Timeline of your startup
Time is a resource whose void cannot be filled by any other alternative. Hence, it becomes mandatory to understand if you are using it fairly. If your startup idea is feasible within the calculative time period, then you should go for it. In any other case, you should drop the plan immediately. This is so because it is important for your startup to be initiated within a stipulated time period and if you are not able to do so, you might be stuck on a track which does not lead to a destination.
3. Do not just assume things
It is obvious that most of the plans which you will make before setting up your startup are going to be assumptions but go forward with them only if they are proving right on the scientific terms. Have assumptions and plans which are backed by business theories and scientific outcomes. Otherwise, you are just wasting your time and laying a deathbed for your startup.
4. Interview some of the experts
Reach out to your professional network and try to connect with as many as people possible who are in the same field as your startup idea. Organize formal or informal meetings with them and ask them what they think of your idea. Interviewing professionals who are well versed with the market of your expected business will help you to gain some inside perspective and will also help you to understand if you are going in the correct direction with your plans.
5. Understand the difference between admiring and wanting
During the process of presenting your idea to a lot of investors and organizing presentations for potential customers, you may find a lot of people to whom your idea seems unique and admirable. However, admiring something and investing your money or having a desire to buy that idea are two different things. You must ensure that the reviews you are getting are not sympathetic and are honest. Otherwise, there is no sense in investing your efforts in something which is just admirable and not intriguing enough for investment because you are here for business. It needs to have a long-term monetizing value.
6. Understanding the value proposition of your product/idea
Rather than focusing on just the features of your product or idea (which is equally important), you need to understand the value proposition of your product or idea. The value proposition of the product is explaining the value of your product in a customer's life. Customer is the undefeated king of the market and if there is no value proposition attach to your idea you cannot expect long-term returns.
7. Asking yourself why you want to do this
Why do you want to begin this startup? Is it just because you are bored? Or is it just your wish to explore new opportunities? Doing it for the wrong reasons can be your worst nightmare. Therefore, you need to ask yourself again and again on different checkpoints whether you want to continue this or not. If the answer is always yes, then the odds are definitely in your favor.
8. Are you ready to dive in?
This is probably the most important factor in validating your startup idea. If you do not have complete faith in your startup then it is probably not ready yet to join the tough market. On the other hand, if you have complete faith in your business and believe that it can achieve milestones then you should go ahead and invest yourself into making it big.
Once you are sure of all the above points then you can definitely dive into your startup journey without giving it a second thought.