Before you waste your time and money on a new business idea, do these steps first
Validate your business idea. To “Validate” your business idea simply means to test it. There are several ways you can validate your business idea prior to investing time and a lot of money. You can also use the Validation Method for existing businesses for those of you who want to add a product or service to your business. Here is a step by step guide on how to validate your business idea.
If you’re like a lot of people who want to start a business but can’t figure out what type of business to start, validating your business idea first, prior to launching a business, is the best way to go. For those of you who want to start a business however you’re working a full-time job, with limited time and money, validating your business idea is a great way to test your business idea before stepping out into the entrepreneurship role full time. When you’re unsure if your business idea will work-validate your business idea first.
First, write down your ideas on paper. Out of the list of ideas, choose 2-3 business ideas that you want to test.
If you’re unsure of what type of business to start, here is a list of 80 different Business Ideas to choose from:
Sell items on Amazon
Online Consignment Store
Phone Repair Technician
Social Media Manager
Presentation Design Consultant (good for startup companies who need someone to create presentations)
Home based Chef
Healthy Meal Prep Chef (seek out nutritionists and personal trainers to offer your services)
Online Dating Consultant
Buy and Sell Domains
Real Estate Agent
Pet Couture Designer (collars, clothes, travel bag)
Dog Day Care
Copywriting for websites
Air BNB Host
Personal Fitness Trainer
Accounting and Book Keeping
Workforce Training Consultant
Mobile Dry Cleaning
Small Business Consultant
Social Media Strategist
Still undecided on what type of business to start? Ask yourself the following questions:
What are your hobbies?
What do you enjoy doing?
If you could spend 8 hours a day earning the salary you want doing what you love what would it be?
Choose the one thing or 3 things that you want to be remembered by?
Once you’ve chosen 2-3 ideas to work on now it’s time to get down to business!
Who is your target audience? Is it single mothers looking for affordable day care? Young men ages 18-24, who consider themselves “hip hop heads”? Women with disposable income who don’t mind splurging on a $400.00 a designer purse?
The idea of launching a business is to solve your customers problems. Questions to ask yourself when identifying your customer’s pain points:
What do your customers want?
Are your customers looking to generate more income?
Does your customer need help with financial planning?
Are your customers looking for relationship advice?
Benefit of your business idea
What is the true benefit of your business idea?
Test your offering Exercise
Create “mock” offers. “Our new Bermuda collection just launched today! Shop our store this weekend and receive 20% off”. “Mock offers” add value while providing solutions for your customers problems. They’re receiving something of value in exchange for their purchase, a great piece of clothing from your store with added savings. This exercise will help you with your sales pitch as well as your offering for marketing campaigns.
Assess your skills
Always remember this, you don’t need to attend a school to become an entrepreneur. You can very well work with what you have, in terms of skills, resources, talent, knowledge and experience. Assess your skills to determine what you have that will work in your favor as a business owner.