Testing your business idea is an integral part of entrepreneurship that many people easily overlook. Hence we give you an easy guide with the 5 best tips to field test your business idea. #ThinkWithNiche.
Nowadays everyone has a business idea. Entrepreneurship has become the new cool. It’s not a bad thing at all. However, many people usually forget to take a reality check while knitting dreams. And usually their flights of fancy crash hard. Hence it’s important to keep your foot grounded in reality while coming up with a business idea or plan.
This doesn’t mean that one shouldn’t dream. Not at all! But if you want to realize your dream, there’s a certain way you’ll have to go about it. Otherwise, you’ll end up with nothing but empty pockets, and who knows someones else, with a similar idea, ends up making big bucks. This is why it becomes important to field test your startup idea. We have come up with a shortlist of ideas you can use to field test your business idea.
1. Discuss Your Idea With People You Trust
I know it’s hard to let people know what business idea is cooking inside your head. The risk is high. But that doesn’t mean you don’t discuss your business idea with anyone at all. You’d be losing out on some really good insights. Hence we suggest, you open up to people you can easily trust and whose opinion you know would be of value. This way you can pick up on some great advice. It’ll help you polish your idea and who knows you might end up finding business partners.
2. Visit Trade Shows
Trade shows are a great way of knowing the real-life value of your business idea or product. You meet potential investors as well as clients. This leads to instant feedback. Either your idea or product will instantly light up the eyes of people or it will end up repelling them. Either way, you’ll be getting a raw reaction to your product and nothing can beat that. So next time there’s a trade show in your city, book a booth and tighten your seatbelt.
3. Study The Competition
There’s a high possibility that a business with your idea already exists. Most people don’t account for how often this happens and end up risking everything on something which is destined to be doomed. Hence, it’s of the utmost importance that you look around and study your competition thoroughly to make sure your business idea truly is an original one. And remember! Even if you do find that a similar idea already exists, see it as an opportunity to better mold your product or business idea.
4. Ask A Test Focus Group
Focus groups are a small number of people with whom you test your business idea or product. These people sign an NDA (Non-Disclosure Agreement) so it’s a completely safe space to test your idea. Focus groups also allow you to choose your target customer and then test your product. There’s no use in asking grown men about tampons.
5. Conduct Market Research On Your Business
It’s better to analyze the market you’ll be stepping into before you actually do. It’ll help you understand the market and save you from potential losses. The market research is divided into two parts- primary research to study sales potential and competitive area. Then there is secondary research to study the existing data from the industry you’ll be making a move in.