How to Validate a Business Idea?
Daniel Stanojkov
6 replies
Every project starts with an idea. I believe one of the most important steps that we should take is the validation of the idea and whether or not it is worth investing our time into.
Especially for SaaS businesses, how do you measure if there is an interest in the market and if there are people who are ready to pay for the solution you offer?
You don’t wanna start with the coding part and realize later that no one wants the MVP you’ve built. Developing the initial version of your product can be quite expensive and sometimes can cost you hundreds and even thousands of hours.
To avoid spending a lot of precious time, we should definitely look for a shorter and more efficient method.
Customer Interviews, Surveys, Emails, DM’s, Figma Prototypes are few of the options that are available. I really do like Figma Prototypes as they can give you a very similar experience compared to the original product, but they can also consume a lot of time to be built.
How do you guys validate your business idea and what is the time you are willing to invest into this process?
Replies
Sol Yousefi ☀️@solyou
Thank you for sharing your thoughts on validating a business idea. It's crucial to thoroughly assess the market interest before diving into development. Customer interviews and surveys are indeed valuable tools in gathering feedback and insights. As for Figma prototypes, they can provide a tangible experience for potential users, but the time investment should be carefully considered.
Innovative strategies like creating interactive social media polls or hosting virtual focus groups can also be effective in gauging interest and collecting valuable feedback. It's all about finding the right balance between investment and validation.
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We are developing an MVP for validation. It may not be the quickest or easiest way, but in my opinion, it's the most reliable.
Just create a landing page and run ad campaigns to drive traffic to this page can help measure real demand. I usually spend a couple of weeks on this validation phase to ensure there's genuine interest before diving into development.
To validate a business idea, start by conducting thorough market research to identify your target audience and competitors. Use tools like Google Trends and keyword research to gauge interest. Engage with potential customers through online communities and forums to gather feedback. Offer a pre-sale or waitlist to test willingness to pay. Consider using minimal viable products (MVPs) like mockups or clickable prototypes to illustrate your concept without extensive development.
Validating a business idea is like cooking the perfect dish - you need to taste-test before going all in! Personally, I mix customer interviews with a sprinkle of surveys and a dash of Figma Prototypes to gauge interest without burning valuable time. How do you spice up your validation process?
Validating an idea is crucial before investing tons of time building it out. Some quick ways to test the waters: 1) Post about it on communities like this one or relevant subreddits and gauge interest. 2) Create a simple landing page describing the product and track signups. 3) Reach out to potential customers directly and get their thoughts. 4) Launch a pared-down MVP on sites like ProductHunt or BetaList. The key is getting real feedback ASAP without overinvesting in the initial build. I'd say it's worth spending a few weeks tops on validation before deciding whether to go all-in. Hope this helps!