Many countries now face the need to bring communities into a lockdown due to the coronavirus. While every country’s response is unique, many people have been sent home by their employer for 2 weeks until the situation is under control.
This can be a great opportunity to either work on a new business venture or start a side hustle that will create an additional stream of income. Maybe you had an idea in your head for a long time and had to place it on hold. This is a great time to get busy.
So you have an idea. Great! The question that you should ask yourself now is: Would there be a market for my business idea?
I see this happen all the time: Individuals tell me about their business concepts but they have yet to confirm (or even look into) whether there is a space for it in the marketplace.
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 time researching. This is a perfect time to do extensive research on potential competitors, online keyword search, product price comparison, and the list goes on. The primary goal is to find out if there is a market to support your business idea.
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 planning to sell a product for motorcycle riders, don’t share it with people who don’t own motorcycles. Take advantage of social media. Platforms such as Facebook, Twitter, and Instagram give you the ability to create polls that you share with all your followers.
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!
As your doing your part in social distancing, take this time to learn, plan or grow your business. Think of new ideas, marketing concepts, ways that you can bring value to the market place or even spend some time in online networking.