How to Approach Validating Your Startup Idea
There’s no denying that the ultimate goal of launching a startup is for that startup to be successful. However, a significant reason that many individuals never follow their Big Ideas to embark on the founder’s journey is fear of failure. Failure they won’t succeed, failure their product will never take off.
But here’s some insight… You don’t need to consult a psychic to predict if your Big Idea will be a major success or a flop. All it takes is a little business case validation.
So How Do I Validate My Startup Idea?
Here are 5 key questions to ask yourself in order to validate your startup idea.
1. What problem are you solving?
One of the very first questions you should ask yourself when considering turning your startup idea into a reality is to identify the problem you are solving. This needs to be a solid statement - one you can clearly articulate on paper. Further, consider the severity of your problem. If it is something that will resolve itself in due time, it likely isn’t worth investing your time and money into.
2. What has enabled competitors to succeed (or fail)?
As a next step in validating your startup idea, your eyes should go to the competition. In today’s saturated market, your idea likely isn’t 100% unique. Use this to your advantage. Take a look at what your competitors have tried in the past, what is enabling them to succeed now, and where there are gaps in the market you can fill.
3. How can I reach my target audience?
Having a Big Idea is a brilliant starting point, but ultimately, you need to know how to reach your target market in order to make your startup viable. You’ll want to know where your audience is - both geographically and digitally. What places do they frequent? What social media platforms are they present on? This information will help you to establish the proper communication channels to engage with them and your product or service placement once you’ve launched your startup.
4. What key features will you include in your product or service?
This one is a bit forward thinking for when you build your MVP (Minimum Viable Product), however you need to be able to state your key features clearly in order to know your Big Idea is viable. If you’re a bit hazy on these features, perhaps give your idea a bit more thought before diving in.
5. Why will investors be interested?
Ultimately, you want to build a product or service that investors will be interested in funding. If you can name one or two solid reasons investors will dedicate their resources to your startup, you’re on a brilliant track.
It’s Time to Begin Your Founder’s Journey
If you’re able to answer these questions without hesitation, you’re ready to dive into the next steps of bringing your startup to life, including market research and building your MVP. If not, hope is not lost - just go back over to the drawing board and see what you can solidify.
The best ideas take time to establish, but with a little business case validation and patience, you’ll find yourself among the ranks of successful founders in no time