So you have a business idea, but you’re unsure whether it will be viable? You’re not alone, anyone diving into the world of startups needs to first test whether their business will be a success. As small business owners, people know that they need to test the idea, but how does one go about doing this, especially when they have no cash? Let’s explore three essential tips for testing your business idea.
1. Do your research.
It’s a wise move to conduct a comprehensive macro study of your business idea. We suggest using Google to search for keywords which are related to your business idea and Google Trends.
Furthermore, it’s also wise to conduct research about your industry by looking for “XYZ industry report” or “XYZ market analysis”, as this will paint a better idea of the current trends in your specific industry and whether the market you’re considering entering is growing or declining due to new competitors, or many other potential factors.
In addition, you should consider conducting a thorough study analysis of who your potential competitors might be. When considering companies, explore what said companies are doing within the industry as well who their competitors are.
With this research completed, you’ll have a clearer picture of your business idea and you’ll be able to determine whether there is a demand for your particular product or service.
2. Identify your customer base.
Once you’ve solidified your business idea, it’s vital to understand if the demand indeed exists by communicating with your target market. We recommend starting by talking to your friends and family; however, you need to be aware that these people might be biased, so it’s in your best interest to communicate with strangers. You could do this by approaching people who fit your buyer personas, attend networking events as well as chat to prospects on groups and online forums.
3. Testing your product.
Should you be able to create a prototype for your product or service, we suggest inviting potential customers to a focus group and have them beta test your product. With the invaluable feedback, you’ll get from these sessions; you’ll be able to refine your product.
Another smart way of testing your product is by creating a landing page. It’s of vital importance that you create a landing page for your minimum viable product (MVP). This will make it notably easier for your business to produce the product and garner good responses from your potential customers. Furthermore, your landing page should also highlight the key benefits of your product which you’re developing. Another essential aspect you should consider is asking your clients to complete specific steps before asking for their email addresses in order to get qualified leads. You could achieve this by having the email capture page on the pricing page or on the contact us page.
4. Listing your business idea with business.co.za
Business.co.za is the latest in South African platforms, designed to help to start or grow your business, or offer a plethora of content resources to learn about business. Regardless of the sector or stage of your business, business.co.za was created to support you, the business owner. Simply visit our site today to set up your profile, access an extended network of business for support or sales, partnerships and find potential customers who might be interested in your business idea. You’ll also have a world of free business-related content & resources at your fingertips, provided by business.co.za and our industry experts, that are dedicated to helping you learn about business and apply that knowledge when necessary. To add your business for free today, visit our platform here.
Lastly, you will need to drive traffic to your landing page via social media channels. It’s vital to finding customers and building brand awareness, and you can do this by creating a Facebook or Instagram page or both. Ensure that you conduct the proper research into which social media platforms will work best for your potential clients. You could also join social media groups or create your own to attract the people who would be interested in your product. Let’s not forget, you could also sign up to have your business listed right here on business.co.za.