I once wanted to make a website all about cruise ships. It was going to be huge! It would have information on all the different types of ships, where you can cruise, what it’s like to cruise, how to get the best deals, the works. I love cruising so I thought what a great idea to combine my passion with my business. Awesome!
Well, maybe not. My idea was good in theory but when I actually went and did the work to figure out it could be a profitable business (validating my idea), I realised that there weren’t a lot of ways to make money from it unless I was a travel agent. Which I’m not. Moral of the story?
No income = no business! No matter how passionate you are about something.
What about you?
Have you ever had a business idea that you thought was brilliant? An idea that was so good, you couldn’t wait to tell everyone about it but when you did their reaction was totally underwhelming?
Just because you think something is a great idea doesn’t actually make it so. And just because you are passionate about your project doesn’t mean there is a viable business in it.
In my case I was pretty upset that my cruise ship website wasn’t going to work but it could have been worse – what if I had an idea for a business that would have been highly successful but I wrote it off without doing the research thinking “that’s such a stupid idea, there is no way that could work”.
It can work both ways and one of the biggest mistakes people make when starting a business is to not validate their idea at all and just go off their gut feeling.
“By failing to prepare, you are preparing to fail.”
― Benjamin Franklin
Why would someone do that? Here are some of the reasons I hear as to why people avoid validation of their ideas;
- it sounds too hard
- they didn’t know they needed to do it
- they didn’t want to do it
- they don’t know how or;
- they were scared it would prove their idea actually won’t work and they would be back to the drawing board
Some people will go ahead, jump right in and create a business anyway without any research. If they’re lucky it may work out just fine but alternatively can you see how this might all end in tears?
You need to validate your business idea!
In case you aren’t convinced here are two more reasons why you need to validate your business idea.
- To make money
To actually make money
Now, lets get to work!
In part two of this post, which you can read right here, I will take you through the exact process that I use to research and validate a product idea. Its not hard and just takes an hour or two of your time and may save you heartbreak and failure later on or it could lead you to success like you never dreamed.