How to validate your startup idea?

The first and important thing in getting started with your startup is the idea. But many people just get stuck with the idea and never able to go beyond this step.

The main reason for this might be they are just confused as to whether their idea is of any value? Will their idea make any difference? These are the question which troubles many of the startup enthusiasts.

So what are the solutions? How can you validate your startup idea? Well, this article is all about validating your idea. Read the below mention points carefully.

Share your idea to people you trust:

The basic practice in sharing your idea is you can first share your idea with one or two of your family members who have some knowledge of your niche. Though this is not a fruitful method as you may receive biased answers on a contrary, you may receive some useful suggestions. So the best thing is you can pick someone who is aware of the market and validate your idea with them. They can also help you as a mentor and you never know they might also guide you in getting initial funding. 

Market research:

Another method of validation of your idea is by doing the market research of your idea. You can use some of the popular survey portals to take a survey of your market. This survey can clear many of your doubts about your product. Some of the popular paid survey services are Survey monkey, PickFu etc. You can also create polls about your startup on social media groups based on your niche. However few experts still don’t find this type of research fully useful as many people agree in the survey that if this product is launched they will consider buying it but the ground reality is sometimes different. 

Study your competitors:

Do careful research about your competitors in your market. Study about their strengths and weaknesses and accordingly design your strengths and uniqueness. This can also benefit you as you can avoid the mistakes your competitors already made.

Ask yourself this question:

Before building your product you should also consider asking yourself these questions:

Who will use my service/product?

Why people should buy your product?

Which customers will be benefited from my business?

What is the size of my customer base?

Will the product or service help solve my potential customer’s needs?

Will they purchase my products/services?

How much will I be making in a month or year?

Will my business sustain in the long term?

If you are perfectly able to answer these question half of the work is already done. You won’t need any research or suggestion if your idea has perfect answers to this question.

These were some of the methods in our opinion to validate your startup idea. If you can come up with some better suggestion do comment below.

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Created on Dec 17th 2019 12:06. Viewed 334 times.

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