How to Validate a Business Idea

In today's SIP, we are going to discuss a few simple ways to validate a business idea!

The initial "ideas phase" is exciting and while we can get wrapped up in the possibilities, you'll want to validate whether or not the idea is profitable.

Is there a need for your idea and is there a market for it?

There are several AI-Powered tools that can help with this.

However, you'll learn 3 easy ways to validate an idea TODAY using social media.

Here are 3 ways to validate your business idea!

Use Facebook Groups for Research

Market research is going to quickly validate your idea.

Often times, you may receive the response you desire, but you launch and... crickets!

The reason for that? Marketing and the people in which you're targeting.

Here's what you're going to do:

• Go into Facebook Groups that have your ideal target audience. 
• Go to the search bar and search keywords that have to do with your idea. For example: if you're considering creating a training on developing lead magnets for female entrepreneurs, then go to Facebook Groups that have female course creators, find the little search engine and type in "lead magnets." Your mission is to see if questions come up and if people are discussing this.  
• If you see others discussing this on OTHER posts, contribute to the conversation by asking if they would find what you're offering helpful. 
• Start posting and asking questions in alignment with your idea to spark conversations. Click here to read about how to post in Facebook Groups.

There may be Facebook Groups that have your target audience, but they require you to pay to promote. 

This is a GREAT way to leverage other audiences that are already ESTABLISHED.

Click here to read about paying to promote in Facebook Groups.

Ask Questions on Your Own Platform

Begin building out a community filled with people who are interested in this idea you have.

Once you've begun the market research piece and you have some interest, you can take it a step further within your own community.

This is a space, where you can ask more in depth questions, run polls and build relationships.

This process will also make the sales easier because you have rapport.

Within the community (on any platform), spend 70% of your social media time WITHIN that community and 30% of your social media time OUTSIDE gathering information.

Gathering this information within and outside of this community will spark ideas, give you more keywords to research and that will also help to build the community.

The community will create:

• Excitement
• Allow you to build rapport
• Gather more research
• Create a list of fans
• Increase sales
• Give you a space to launch

You can create the community on Facebook, Instagram or even within email.

You must customize this based on your business idea, industry and audience. 

Do a Test Drive

We always say to build the product or service AFTER you've built the audience.

The reason is because you already have people interested and announcing what you've developed becomes exciting.

It increases sales, as you've already developed relationships and that is because you have taken two VERY SIMPLE STEPS to VALIDATE your idea through market research within and outside your community.

You've actually built an audience around it!

Click here to read about how to build your audience.

Once you've done some research, start bringing those new relationships you've built when doing research into an audience on any platform or email.

Offer them early access with a special price to what you want to develop. 

You're sharing this with them as if it's already developed, so you must make sure that once people begin signing up that you DELIVER.

The goal is to try and gather 100 QUALITY people (depending on what it is you're offering and pricing) and get them to purchase through a waitlist.

Once you see that people have purchased after taking some time to do some research and build up the community, you have validated your idea. 

WRAPPING UP THE SIP

There are dozens of ways to validate a business idea.

THIS is simple one path that you can begin TODAY.

We want to save you some time and that's why we encourage you to not only do your research, but run a test drive to get those interested signing up!

Create excitement around this idea once you've seen some traction and then go all out creating this incredible idea!

Click here to read about how to keep your audience excited.

We believe in you and let's SCALE!

…and that’s the sip!