Want to know my secret to developing a killer business idea?

Coming up with a business idea is crucial to scaling a company. It’s not just a single spark of genius and then bang it’s done. That’s just not a reality.

Ideas are cheap! Getting it off the ground costs a lot of hustle, persistence and trial and error.

I started my first business while still at uni and it failed, then started another and went onto launching about 50 websites with Frank Restuccia before we set our focus on Finder.

Every time I have an idea I use this process to figure out if it’s worth perusing:

1. Speak to real customers who have bought or looking to buy

The first thing I do when I have an idea is I speak to current and potential customers. I prefer serving a demand people already have rather than creating it. I like promoting aspirins rather than vitamins. I want to know what’s the itch they need scratched.

2. Speak to industry players

After speaking to customers, the second thing I do is I chat to relevant industries that relate to the idea. I will network at conferences, hangout with experts, ask for coffee meetings and do research on industry websites, to gain insights into what has and hasn’t worked for them. I want to know what’s everyone struggling with and what’s working.

3. Speak to suppliers

This one is really crucial. Suppliers don’t just supply one person in the industry, they supply many. Hence, they know the ins and outs of what issues you will face, what are common problems, they might uncover gaps in the market and spot trends.

I always speak to these three groups of people to get deep insights and learning about industries that relate to the idea. It helps fine tune my ideas, and then I can create a plan to launch and test the waters.

If you are trying to build a business or want to get inspired, the best thing to do is immerse yourself with people who’ve done it before.

If you want to hear more about how Finder was developed, the challenges I encountered on the way, and how we grew it to a global empire worth $250 million, come and join Frank Restuccia and I for an exclusive networking lunch on December 3 in Sydney. Sponsored by Macquarie Business School and MC Dr Louise Mahler.

Here’s the link to get your tickets https://www.eventbrite.com/e/lunch-with-finders-founders-how-to-take-your-business-to-the-next-level-tickets-80419455757?ref=estw

Please don’t attend if you’re already at your best. We are only inviting people humble enough to improve themselves and grow. If you’re keen come join us, if not, that’s fine as well, either way a big crew will learn things that won’t be taught again.

This article was first published on Medium.