5 CREATIVE WAYS TO TEST YOUR BUSINESS IDEA: TIME FOR VALIDATION
By Evert, 2nd year (Class of 2022)
5 CREATIVE WAYS TO TEST YOUR BUSINESS IDEA: TIME FOR VALIDATION
You’ve brainstormed, planned, and developed a fantastic business idea. But now, it’s time for validation to ensure your idea has the potential to succeed. In this blog post, we’ll explore 5 creative, efficient, and inexpensive (or even free) ways to test your business idea, inspired by the book ‘Testing Business Ideas: A Field Guide for Rapid Experimentation’ by David J. Bland and Alexander Osterwalder.
- Tap into your target audience with online surveys
Online surveys are an excellent way to gather feedback directly from your potential customers. Websites like Typeform (my favorite), SurveyMonkey, or Google Forms allow you to create free (to very cheap) surveys that can be easily shared on social media or with your email list. To increase response rates, keep your survey concise and make sure your questions are clear and relevant. Analyze the feedback and use it to refine your idea or identify potential issues. If this seems like the best method for testing your idea, consider taking a look in ‘Survey Methodology’ by Robert M. Groves to up your survey skills (… and a free pdf copy can be easily found online).
- Create a Minimum Viable Product (MVP)
An MVP is a simplified version of your product or service that allows you to test its core features and value proposition. By creating an MVP, you can gather valuable feedback from early adopters, helping you to identify potential improvements and validate your idea. This approach saves time and money as you’re only investing in the most crucial elements of your offering. Feel like learning more? Then consider reading ‘The Lean Startup’ by Eric Ries which discusses the concept of the Minimum Viable Product in detail and provides a practical guide for entrepreneurs to apply lean principles to their startups.
- Test your idea through social media
Social media platforms are a powerful and cost-effective way to gauge interest in your business idea. Create a simple, eye-catching graphic or video explaining your concept and share it on relevant platforms. Monitor engagement, such as likes, comments, and shares, to get a sense of your idea’s potential. You can also join niche-specific online communities and forums to share your ideas and solicit feedback. Do you think this is the way to go for testing your idea? The book ‘Jab, Jab, Jab, Right Hook: How to Tell Your Story in a Noisy Social World’ by Gary Vaynerchuk offers a valuable guide on how to create compelling content for social media pla\orms, which can be utilized to effectively test (and promote) your business idea.
- Host a workshop or webinar
Offering a free workshop or webinar related to your business idea is an excellent way to test its appeal while providing value to potential customers. This approach also helps you to establish credibility and build relationships with your target audience. Choose a platform like Zoom or Google Meet and promote your event through social media and email marketing. Don’t forget to request feedback from attendees to gauge interest and gather insights for improvement. Of course, hosting a webinar is easier said than done, but a great guide has been written by Roger Courville in ‘The Virtual Presenter’s Playbook: Learn the Five Principles That Make Webinars Successful’, so give that a try if this method of testing suits you best.
- Seek advice from mentors and industry experts
Sometimes, getting an expert’s perspective can be invaluable for validating your business idea. Reach out to mentors, industry experts, or experienced entrepreneurs for advice and feedback. Networking events, LinkedIn, and professional associations are great places to find potential mentors. Be open to constructive criticism and be prepared to make changes to your ideas based on their insights. If these testing methods resonate with you, consider joining Team Academy. At Team Academy, you’ll receive a tailored education designed to help you develop and refine your business idea. Our mentors and industry experts will provide the guidance and support you need to effectively test and optimize your concept. To learn more about our program, attend one of our online open house events or visit us in person at our Amsterdam location. For more information and to register, click here!
By testing your business idea through these creative methods, you can gain valuable insights and increase your chances of success. Remember, validation is a crucial step in the entrepreneurial journey – don’t skip it!
Are you ready to test your idea and bring it to life?
