Testing a business idea before starting up
Many businesses fail because nobody wants to pay for the product. By testing your idea over a few weeks you save money and get real information to base your pricing and marketing on.
You will need
- A one-sentence description of your business idea
- A list of 10–20 potential customers
- Something to take notes with
- A small test budget, e.g. for social media ads
Steps
Spell out the problem
Describe whose problem you are solving and how the customer deals with it now. If you cannot find a clear problem, the idea needs more work.
Interview customers
Map out the competition
Calculate rough profitability
Make a simple trial version
Try pre-selling
Assess the results honestly
Get feedback and coaching
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