Test your idea before investing heavily
Posted: Mon Jan 20, 2025 10:52 am
4. Assess the market potential
The market must be large enough for your business to be sustainable. Check how promising your segment is.
How to check:
Research market reports and forecasts in your niche (e.g. Statista, IBISWorld).
Determine your TAM, SAM and SOM (total market, addressable market and your potential market).
Check demand trends with Google Trends.
Tip: If your product is targeted at a narrow market, consider ways to scale it, such as expanding into international markets or creating complementary products.
Infobox: "Studying seasonality of demand will help you list of turkey whatsapp phone numbers plan marketing campaigns and production."
business ideas
5. Test your idea with minimal investment
How to check:
Launch a minimum viable product (MVP).
Use crowdfunding platforms like Kickstarter to test interest in your product.
Run an advertising campaign on Google Ads or Facebook to test demand.
Infobox: "Conducting an MVP allows you to save up to 60% of your budget at the launch stage by identifying the product's weak points."
Actionable exercise: Create a simple landing page describing your product and set up ads to collect pre-orders. This will give you an understanding of real demand.
Example: A tech startup created a prototype of an app, tested it on a small group of users, received feedback, and adapted the product before a large-scale launch.
business ideas
The market must be large enough for your business to be sustainable. Check how promising your segment is.
How to check:
Research market reports and forecasts in your niche (e.g. Statista, IBISWorld).
Determine your TAM, SAM and SOM (total market, addressable market and your potential market).
Check demand trends with Google Trends.
Tip: If your product is targeted at a narrow market, consider ways to scale it, such as expanding into international markets or creating complementary products.
Infobox: "Studying seasonality of demand will help you list of turkey whatsapp phone numbers plan marketing campaigns and production."
business ideas
5. Test your idea with minimal investment
How to check:
Launch a minimum viable product (MVP).
Use crowdfunding platforms like Kickstarter to test interest in your product.
Run an advertising campaign on Google Ads or Facebook to test demand.
Infobox: "Conducting an MVP allows you to save up to 60% of your budget at the launch stage by identifying the product's weak points."
Actionable exercise: Create a simple landing page describing your product and set up ads to collect pre-orders. This will give you an understanding of real demand.
Example: A tech startup created a prototype of an app, tested it on a small group of users, received feedback, and adapted the product before a large-scale launch.
business ideas