Validate Your New Business Idea

Now you have an idea, the validation of your idea is more important than features of your products, the design, the prices and everything. You must start the validation immediately after finding the idea and before you produce any product, before you launch, before you invest or raise your first $1 and before you hire your team.

Validating the idea require that you validate the need or the problem using an easy process, here it is

Validation Process

Here are the inputs, tools and techniques, and outputs of this process, (Note: Validation relies on information and knowledge)

STEP 1:

Figure out the attributes of the ideal problem

Most investors define the ideal problem that it happens for millions of people, has 20% market growth, a problem that people want to solve right now, and a problem that it is required to be solved multiple times a day. Use these attributes to validate if the problem is ideal and your potential customers are experiencing it

STEP 2:

Explore the techniques to validate your problem

First: Identify your target buyers

Identify the group of customers by creating one persona or more for who might?typically?buy?your?product.?You want to?build a basic profile, then come up with a list of?1–5 prospects?per persona who meet these criteria

Second: Set of questions and interview prospects

Set at least 10 questions to ask your target prospects, the objectives of validating your problem requires answers to questions like these

1. Do your target prospects experience the problem?
2. How painful this problem for them??
3. What is the impact of the problem?
4. How much is that costing them?
5. What have they tried to do about the problem?
6. What could it mean for them if they choose to ignore it?
7. What would a solution mean for them?
8. Would they pay for a solution to the problem?
9. How much would they pay to fix the problem?
10. What do they need in a product?to make their job easier/faster?

Third: Determine existing solutions/competitors

During your interview with prospects, dig down to understand how they overcome the problem or they meet the need

1. How do they solve the problem or meet the need?
2. How do they handle the situation today?
3. If they have a product, what do dislike about it?
4. What is it missing and they must have??
5. Do they choose Better - Easier - Cheaper to solve the problem?
6. If there are competitors, are they growing fast?
7. Do they have volume of customers?
8. Are they raising money?
9. Are they hiring?

STEP 3:

What would your prospects thoughts be around paying of your idea, use the below criteria table to identify if your idea is a must-have or nice-to-have idea

Must-Have IDEA: Your Prospects would pay for it?

Nice-to-Have IDEA: Your Prospects would not pay for it

The end results of the validation process is to identify that It’s a MUST-HAVE idea and it's easy for people to recognize that your product (idea) will save them a significant amount of time or money.

_______________________________________________________

About: Khaled Samy Hall

Khaled?is the Co-founder and CEO at?HYNO World company, and?ST-United?General Manager. Khaled has a long history of successful career growth in a variety of industries. He is currently the Books Author of "The ROI analysis: Project Management Office Development" "How to Start a Successful Business and Startup" and?active Blogger.