You have an idea, and you’re probably worried about how much of a success this venture will be. Several questions go through your mind every day as regards your business, would customers buy my product? How many people will be willing to pay for my service at the price I’m going to charge?
Here are some quick ways to validate your idea and measure the potential success of your business.
1. Build a Landing Page
You should be specific about the problem you are trying to solve, who your potential customer is and the value you are creating.
Put a sign-up form on the landing page, a survey, or any system that could help you quantify engagement and interest. If you are developing an app, you can also ask people to contact you to have a free trial or if it is a product, a pre-order.
2. Reach your target customers
You should reach out to your target customers through emails, phone calls, trade shows, and by talking to people one on one. The key is not to sell anything but have an open discussion about what problem your company will solve.
Through this discussion, your potential customers will tell you about what pains they are going through and what solutions they would like to receive which you can learn from.
If after your discussions you get the feeling that customers are willing to pay for your product, you probably are headed in the right direction.
3. Write a business plan and Talk to Professionals
Once you have developed your proof of concept, talk to investors, potential co-founders, your team, potential employees and professionals in your industry and see their reaction and how much they buy into your idea.