I’ve got a great business idea… what next?
Right, so you got this great business idea that you think is going to change the world right? What do I do next? How do I start? I get at least 10 emails each week asking me this very same question! So i thought I’d make a quick video with the 4 things you can get on with next to test the viability of your idea and gain some quick feedback!
STEP 1: TEST IT OUT FOR YOURSELF!
You’ve got this great product in your head, but how do you know if it’s going to work? How do you know if people will like it. As quickly and cheaply as possible create a working prototype of your idea. Use some scraps from your garage and bits and pieces laying around to make a prototype and to test it out! Does it add value to your life as you thought it would? Was it useful? What were it’s limitations? How could you make it better? Document these things and then re-build the next phase of the prototype with the improvements built in.You may just realise its a non-starter which doesn’t work and you can pack it in! At least you would have found out as cheaply as possible and can move onto finding the next idea! I see a lot of youngsters sitting on ideas wondering if it will be the next thing. Just go out and test it! You’ll soon find out if it has any legs! The key is to not waste time pondering. Fail as cheaply and quickly as possible… learn the lessons and move onto the next idea…
STEP 2: TEST IT OUT ON YOUR TARGET AUDIENCE
Right so you’ve tested out this product on yourself and you’re convinced its changed your life! Now you need to prove it’ll change the lives of your target audience! So find a group of your target audience and provide some prototypes for them to use. Again document any feedback they give you and try to improve the product from there. If you realise the product is a hit with the target audience, congrats, it means you have a product that people want! This is super-important.
STEP 3: FIND OUT IF THE IDEA IS COST EFFECTIVE
Good start – the product has changed your life and proven to be a hit with your target audience…. but that doesn’t mean you’re onto a winner just yet. You now need to check whether you can design, manufacture and distribute this product to your audience cost effectively. If you can’t, you don’t have a business! You can have the best idea in the world, but if the numbers don’t stack up, whats the point?! You can build a car that does 300MPH, but if it costs you more to build than you can sell it for… what’s the point?!
Find out if you can manufacture the item cost effectively. Find a design house/manufacturer/developer depending on your product requirements and find out what it would cost to produce your product and take it to market…
STEP 4: YOU GOT YOUR SHINY NEW PRODUCT – NOW MARKET IT!
Right, so you’ve found out what your target audience want, where their pain points are etc. You have then reverse engineered features into your product to alleviate these trouble spots! Now you need to market this shiny new product to this audience – let them know your product exists and how it will change their lives!
Before you can market it to them you need to find out where your audience are! Where are their eyes and ears… what platforms do they consume content on and where do they purchase from. If your product is for under 15s for example, chances are you can find them on snapchat! If your product is for middle aged women, it’s likely they are on Pinterest and Instagram! So identify where your target market resides and produce content for them platforms explaining why your product is great and how it will change their lives!