Francis Yanga
I see this happen all the time: Individuals tell me about their brainstorm for a mobile app or a web-based business, but they have yet to confirm (or even look into) whether there is a space for it in the marketplace. Getting friends and family members to like your idea is not good enough. Having actual orders for your products is a way better solution.
Here are three key steps that you can follow to make sure there is a market for your business idea:
1. Before implementing anything, spend the time researching. Investigate like an FBI agent would, pulling out all the stops, and find out if there is a market to support your product.
2. Put your ideas to the test. These days, it’s quite easy to do this. Many people make the mistake of keeping their ideas a secret because they’re afraid someone might steal them. I advise the opposite. Share your ideas, wisely, of course. There are many ways that you can share your ideas without giving them all away. If you’re selling a product for motorcycle riders, don’t share it with people who don’t own motorcycles.
3. Measure the demand. Find out what your competitors are selling. Are they selling the same product, or something similar? Analyze their social media accounts and what their followers are saying. Reading reviews is a great way of measuring demand and satisfaction for existing products.
I often use the Lean Startup methodology to validate my ideas that I feel are worth pursuing. This allows me to be more innovative, it saves me time, and I become more successful in launching my ideas.
Don’t get yourself stuck with an idea that doesn’t have a market!