5 Steps To Validate Your Business Idea
So you have a great business idea. Maybe it’s a new product or service, or maybe it’s a new way to do something that’s already being done. But before you get too excited and start spending money on your new venture, it’s important to take a step back and make sure that your idea is actually going to be successful.
That’s where validation comes in.
Validating your business idea simply means testing it to see if there is a market for what you want to sell. And while validation may seem like a daunting task, it’s actually not that difficult — or expensive — to do. In fact, you can validate your business idea in just five steps.
Step 1: Do Some Market Research
The first step in validating your business idea is to do some market research and find out if there is indeed a market for what you want to sell. Start by searching online and see if there are already other businesses offering similar products or services. If so, find out how successful they are and what their customers are saying about them. You can also talk to people in your target market and get their thoughts on your business idea.
Step 2: Create a Landing Page
Once you’ve done some market research and you’re confident that there is indeed a market for your product or service, the next step is to create a landing page for your business. A landing page is simply a one-page website that gives people an overview of your business and what you’re offering. Include a short description of your product or service, some photos or videos, and most importantly, a way for people to sign up for more information. Creating a landing page is relatively easy and inexpensive to do; we’ll cover that in a few weeks as part of the 12 Week Business Launch Roadmap.
Step 3: Drive Traffic to Your Landing Page
Now that you have a landing page set up, it’s time to start driving traffic to it so you can start collecting email addresses from potential customers. There are many ways to do this, but some of the most effective include paid advertising and social media marketing (posting about your business on LinkedIn, Facebook, Twitter, Instagram, etc.). You can also reach out to bloggers and influencers in your industry and ask them to promote your landing page on their websites or social media channels.
Step 4: Analyse Your Results
Once you start driving traffic to your landing page, it’s important to track how many people are visiting it and how many of those visitors are signing up for more information about your product or service. This will give you an indication of whether or not people are actually interested in what you’re offering. If you see a high number of people visiting your landing page but few of them are signing up, that could be an indication that there might be something wrong with either your offer or your landing page itself. On the other hand, if you see a lot of people signing up for more information, that’s a good sign that you’re onto something!
Step 5: Adjust Accordingly
Once you’ve analysed the results of your validation efforts, it’s time to make any necessary adjustments so you can move forward with confidence knowing that there is indeed a market for what you want to sell. This might mean making changes to your product or service itself, or it might mean making changes to your marketing strategy. Either way, the goal is the same: ensure that you have a viable business idea before moving forward!
Ideation is an important part of starting any business — but it’s not the only important part. Once you have an idea for a new product or service, it’s important to take the time to validate that idea before moving forward with it.
Want to know 3 specific strategies to validate your business idea?
Let’s dive deeper in this week’s episode of Tribe Talks, the seventh in a 12-part series where I help you go from where you are now as a health expert, to launch your scalable online business in 12 short weeks:
If you’d like my personal help, I’d love to invite you to a free trial of the Startup Therapy Tribe.
Your health business coach,
Behrooz, The Entrepreneur’s Doctor
PS/ Want to grab coffee and discuss your business plans as a health expert? Let’s book a time: https://www.entrepreneurs.doctor/coffee.
Dr Behrooz Behbod is a Harvard, Oxford, US CDC, and UK NHS trained public health physician with 25+ years of international experience across health, business, and education. As The Entrepreneur’s Doctor, Behrooz helps fellow Health Experts build and grow their online business so they can scale their impact, work less, and enjoy the freedom of doing what they love. After decades in the health service, his own burnout taught him that if we want better population health or better healthcare, we need to start with Patient Zero… fellow Health Professionals. The Entrepreneur’s Doctor is on a mission to create a healthier, happier world, by helping one fellow Health Professional at a time.
DISCLAIMER: The content is provided for information only and is not intended as a substitute for medical or any other professional advice. The content is not necessarily representative of any organisations affiliated with Dr Behrooz Behbod. The views or opinions expressed by guests are not necessarily shared or endorsed by Dr Behrooz Behbod.