How to test if your business idea is viable in today’s market
Gartner, Inc. predicts that a lack of digital business competence will cause 25 percent of current businesses to lose their competitive ranking. In today’s world of technology and advancements, more and more people are moving their businesses into the digital realm. This is why 85 percent of business executives are allocating up to a quarter of their total budget in digital transformation throughout 2018. If you’re looking to do the same, you need to ensure that your business is competent and competitive enough for the transforming industry. Check out these helpful tips on how you can ensure your idea is viable and successful.
Find Your Niche
The first thing you need to ask yourself is “What do you want to do?”. If you’ve passed that stage, you then need to ask, “Why would someone choose you over a competitor?”. With so many people starting digital businesses nowadays, you must make sure that your idea fits a gap in the market. A good product or idea should solve a problem that currently exists. Think about if your idea fixes an issue in your life. Most likely, it will also affect other people and encourage them to buy your product or service. You can also do some research and look at review sites to see what people are talking about and how you can solve their problems.
Test Your Idea
You’ve probably talked about your business ideas with your friends and family. However, you need to find people that will tell you the honest truth about your product. Create a focus group or join an online business forum so that you can pitch your idea. Tell them everything that you have planned without giving away too much of your business. Then, ask for honest feedback. You can make the surveys or feedback forms anonymous so that your participants won’t be afraid to speak their mind. This will give you a good sense of how viable your idea is and provide you with quantifiable data about how people will receive your digital business.
Fund Your Idea
Another good way to test your idea is to see how much people are willing to invest in it. If you’re in need of funds, reach out to some of your friends or business partners to see if they’re willing to invest or give you a loan. You can also post your idea on a Kickstarter or crowdfunding page. This can help you gauge just how much your idea is worth and see if people like it enough to get involved. The more money you receive, the more you’ll know your time and energy will pay off.
Before you put too much time and effort into your idea, you want to ensure that it’ll be well-received by your target audience. Do your research, reach out for feedback, and see how much people are willing to invest in your plans.