A lot of people would rather be employees all their life because they’re afraid to start their own business. It’s understandable since there are too many risks involved when it comes to starting your own company. The same is true when you try to develop and market your own product or service and dont know how to validate your startup ideas
For one, there is a big capital involved. If you don’t come from a family with money, chances are you’ll have to invest your entire savings just to set up a business. Otherwise, you’d have to go to the regular route of going to the bank and asking for a loan in order to get capital.
The modern way of raising money to start a business is through crowd funding. Here, total strangers can donate money to you by clicking on the “Donate” or “Fund Me” button on a website landing page. This page already describes your business plan or idea in detail. So, if people are interested and if they think you deserve the help in order to fund your project, they would happily give you money, no matter where in the world they may be.
The reason behind this is that they are already a captive audience; they are already interested in what you are planning to sell, produce and market. When the time comes that your product is ready to be released in the market, they will be one of the first ones who will order or call you to purchase.
Crowdfunding is one of the Ways of validating your business idea for a start up. There is a host of other ways to see how the market responds to you. You can try to create marketing surveys, answer a problem that you think your market has, and study your competitors.
Another way to ensure that you are creating something the market will follow is to seek expert advice or have a mentor who will guide you through your business development process and give you some Growth hacking ideas for your Startup This will help in a major way because you have someone who has successfully set up and ran his own business and have launched multiple products. Listen to what he has to say to keep from making rookie mistakes at the start.
We have formulated 9 ways to validate Startup ideas for your business. These have been laid out in detail in our colorful and informative infographic. Feel free to leave comments or suggestions and share it with people you know.
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