4 steps to decide on the right business idea
If you are reading this article is because you have a great idea and you want to turn it into reality. You want to become an entrepreneur, to make a living based on that big idea and start your own business right away.
But you can’t achieve this goal without validating your idea in the market first. Here I will share my “4-step thought process” with you to prevent you from wasting time or money on the wrong idea (or to audit the one you are working on).
Step 1: Find out the market size
First of all, you have to do a research and find out how big the market you are willing to work in is. One of the easiest ways to do so is going on Youtube, playing a video of the topic you are researching and then see how many views that particular video has: A thousand views? A million views? Zero views? Is that topic popular or nobody is watching it? If there are people looking for that kind of information, it is a good sign.
But if nobody seems to be interested in it, it may not be such a good idea. But don´t worry, you still have a chance. Go to Instagram and look for the influencers of that field, those who have thousands or millions of followers. Use hashtags to track that people and voilà! There is your market!
Step 2: Find out the sticking points
Go through social media forums, groups, debates and blogs that are related to your idea. You have to know and understand the particular problems or questions people have. In other words, you have to know what they are talking about, what the main point of the conversation is.
You also have to find out if the posts are new or if they are more than six months old. If this is the case, you will have to check if the key players are still working on that subject. If so, you now know what to write or talk about.
Step 3: Figure out the key players’ revenue model
You have to find out how these influencers are making money and what they are offering to the public: is it a course? Or a coaching/consulting service? People may be looking for someone to do things for them too.
So, subscribe to their newsletters and detect their style, their delivering emails frequency, etc. All this may give you the revenue model you have to emulate and improve.
Step 4: Figure out the relative key players´ marketing skills
Study the influencers and determine how good they are connecting with their tribes and how consistent they are when talking to them. This will give you the key to see which are the minimum marketing skills you must develop to outsmart your competition.
Remember, to select the right idea and to validate it in the market is essential before wasting time or money on it.
Follow these 4-step process to make your idea succeed.
Are you ready to dig even deeper on this topic? Then, get instant access to my free 4-part mini-course to Jumpstart your business in 90-Days from Idea to total implementation.