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MenuHow do I validate if there is a need for this business without building a full backend first
My idea is a platform that connects creative/design businesses directly with small batch/indie textile/ceramic/furniture factories around the world and all orders are taken care of on the platform. I have an excel sheet of factories but how do I validate it and find the customers searching for this service
Answers
Hi
It is great that you have a business idea. The question you asked is very real to any business especially when it's a startup. You really don't want to put something out there when there is no niche for it or when it is moving slowly. so here is what I would suggest.
a) Do a thorough feasibility study on the product you are offering. Ensure that your suppliers are genuine and offers good quality. You must know your demographics. Who are you targeting?
b) Who are your competitors and what are they offering in terms of price and quality?
c) Can you match that or can you afford to do a loss leading( getting your product out there at a cheaper price but quality & customer service will give you quantum sales faster.
d) Where do you want your presence? Online only or traffic from both online and walk in?
e) What type of funnel of strategy will get you there at the least cost.
f) Network--Network...Network. (Quality goods needs quality marketing)
A lot of time needs to be put into this.
There is a whole lot more but feel free to set up an appointment with me.
Best of luck.
There are definitely multiple ways !!
. Go to kickstarter and indiegogo and see if there will be backers or no
.Try to go for a roadshow and see if there will be a series A investors or no ( investors know alot about the market ! Even better than you sometimes)
. Check the comparatives / Competitors
. Do market research / study groups
. Go even to your future target customers , and see their input and hear from them
. Create an MVP ( Minimum Viable Product) and start doing sales. It is called MINIMUM for a reason
It’s pretty simple really, what you need to do is first determine who your customer is (by that I mean the person actually responsible for buying your solution).
Once you’ve done this contact people in your networks that you know who could be ‘the customer’ and pitch them the concept and assess the feedback and take if from there.
If you need anymore help book a call and am more than happy to go into details.
Pete
Create an MVP, that's why startups do this all the time. An MVP doesn't have to be a piece of software or technology, it doesn't have to be a functional site. Your goal is to test for market value, essentially, and find the people that would see value in this. You've already identified a target prospect in your question - small businesses that design and sell manufactured products. Ask yourself, how does your idea help them, and what sort of ROI can they expect.
There are a lot of resources online these days for getting contact information for such businesses. You can simply reach out and ask the business owner if it's something they would be interested in (and collect other useful feedback on your idea).
Otherwise I would suggest finding appropriate groups online, network locally, and basically just talk about your idea with as many people in the target market as possible. You can do all of this for little to no money, it's just your time, but this would be the simplest way I can think of to validate your idea. From there, if there is identified demand, you can look at building out an MVP and starting to get a user base you can grow.
Before you spend any money on even a basic prototype - speak to potential customers, what do and don't they like about their current providers? Speak to 100 creative/design businesses and look for common answers. Build a business around the most common answers with the highest revenue and growth potential. Read up on "Customer Discovery" to learn more.
Good luck!
Related Questions
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How would you monetize this idea?
I would not monetize this idea at first. I feel your platform needs to be able to provide this service prior to trying to charge companies to list their services. I feel this way for two reason, I as a customer would not trust the platform as I would believe that it only exists to pressure me to contract the services of the companies that paid to be there. I as a company would not want to put my company's reputation at risk prior to the platform having a good reputation on the market.JC
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I'm starting a company this year, but I need a business idea. Preferably in the enterprise software space.
I wrote an answer to a similar question today which you can find here: https://clarity.fm/a/2877 The one flaw to your current process is this premise: "Whereas, if I focused on a good idea the whole process of driving success would be easier." This - from my experience - is simply not the case. I'm working on what I believe to be the best idea I've ever had and it has been absolutely the most challenging time I've ever had in a career full of product challenges. So a "good idea" does not make the process any easier. As I privately advised the person who asked the other similar question: I'd encourage you to define all your own pain points in your life and filter by most pain and also least addressed by existing solutions. Building what you know and what you're excited about building is the best that any of us can hope for. There's no path to greatness that isn't full of challenges ahead. Happy to do a call to discuss further.TW
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How should you decide which business idea to pursue? How do I decide which direction to invest my energy in and how can I develop my idea further?
These are some great questions. As an entrepreneur, growing and scaling my business has been both a challenging and rewarding task. I'll answer both your questions separately: 1. How should you decide which business idea to pursue? Your decision should take into account both personal factors and should have regard to your environment, your market and your resources. From a personal perspective, choose an industry which (1) you are passionate about and (2) you have knowledge/experience in. This will considerably reduce your risk of failure. As a startup founder, you will find your job to be extremely challenging and the only way to succeed is through resilience. If you are not passionate, you will easily give up. Having the knowledge and expertise of your industry will not only give you more gravitas but also save you lots of time in research and understanding the wants and needs of your customer. From a larger perspective - ensure your business solves a problem that is large enough to build a profitable business out of. Here is a non-exhaustive list of questions to help you get there: 1. What is your intended customer base? It is harder to target a broad and general audience - try to establish a niche customer base which needs your products and/or services. 2. What problem does your service/product solve? Identifying a problem and providing a solution is the heart of every innovative idea. 3. How can you add value to the product and customer experience? Your customers need to gain benefit from purchasing your goods/services. 4. What are the most unusual characteristics of your business which will give you competitive advantage on the market? Establishing yourself in the market means you need some advantage over your competitors to attract their customers or new ones. 5. Have you researched your competition? In what ways do you feel you can do better than the competition? You need to know who are you facing to understand your market share, and how can you provide better solutions. 6. Do you have access to all the resources you need to launch the business? This includes funding, manpower, premises, equipment etc. 7. What is the size of the market? Do your research! 8. What would it take to create a minimum viable product and test it on the market? You don’t need a finished product to launch, start small and test your ideas. 9. What will it take to make profit? You need to have at least some estimated financial projections as to what you need to spend and what you need to earn in order to break even and then make a profit. 10. Is the problem you are trying to solve on the top priority list of the potential customers? Important consideration to see whether your products will sell. 11. What is your business model? How do you plan on charging your customers, how do your competitors do it, can you create additional revenue streams? 12. Is there a potential for growth? Think in the long term, can you scale the business further? 13. What are the possible roadblocks you are likely to face? You should attempt to find a solution for each problem you can think of. 14. Have you chosen a business name? Make sure that your name is descriptive of the branding and targets your customers. Ask people their input - choosing a name is an important matter as it will affect the rest of your branding. 15. Have you looked for your business name online? Ensure that no other business can be confused with yours. Ensure that the domain name and all social media accounts for your business name are available. I hope this answers your first question. 2. How do I decide which direction to invest my energy in and how can I develop my idea further? This will come to you much more clearly once you have found the answers to your first question. Ensure that you are spending your time in a way that produces results. Your first goal is to bring your MVP, to test it amongst customers, to learn from feedback and then to improve your product. Repeat this formula until you reach product market fit. I hope this helps - please don't hesitate to get on a call with me if you'd like to drill this down further.AI
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I have an idea for a phone accessory, do I need prototypes before trying to find a Chinese manufacturer?
I want to begin by assuring you I don't want to rain on your parade. Now... Ideas are a dime a dozen. Execution is what is critical, and hardly anyone does execution well. NDAs are nice but they won't protect your idea from being ripped off in the medium term at the latest, if it's a winner. Your best protection is that execution thing...people sure like to talk, but they don't like to Do. Do NOT have your prototype made in China. It will take months in shipping back and forth, misunderstandings, finding the right manufacturer, and other difficulties. Do not embroil yourself in that mess. Absolutely you should get a prototype made first. Will it cost you 10-100X what the final version will cost? Of course. Do you need something to show investors, suppliers, channel partners, retail outlets? Yes. All a patent does is protect your idea for awhile from being duplicated in the exact way you are executing it. I can't go make a sticky-note that uses a strip of lightweight glue to hold the paper onto something. 3M has that patent. But I could find another method for holding the paper on, and that would be fine. Worrying about protecting your idea is kind of a waste of time. You should do what you can afford and what makes sense in terms of your time invested to accomplish a level of protection, but don't let this be all-consuming. It's just not worth it. Get out there and make your product and find paths to market. That's what will really pay off. Someone WILL copy your product sooner or later if it's a money-maker. That's why developing great branding is so important: keep the knock-offs in the knock-off category in your buyer's brain, and you as the top quality original.JK
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How to approach business owners for an idea extraction?
I've done this in the past. I find the best way is to do it in person. I made a habit of walking on my downtown street between lunch and asking the local business owners about their challenges of their business. I don't know if there's a number...I think idea extraction should become a part of your daily routine. Here are some questions you can ask: So your business does X? What is your role in the business? What does a typical day look like for you? Can you walk me through the first couple hours of your day? What are the first few things you do each morning? How many customers are you working with a month right now? What’s been your best month? What’s been your worst? What are a couple activities you have in your day that you just don’t enjoy? Getting Deeper Thinking about the last couple days at work, what has been the most challenging part? What do you use excel for in your business?** What is the most expensive problem in your business? What’s a problem that you’ve tried to solve in the past but didn’t work for you? What would you like to do with you mobile phone, but can’t?ZA
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