Over the last few years, crowdfunding has generated a lot of buzz as an alternative fundraising method for startup companies. However, there’s a lot more to it than just creating a crowdfunding page and hoping people flock to your idea. In fact, crowdfunding is a complex endeavor that takes a lot of upfront planning and ongoing effort. It also requires a good understanding of the legal requirements to protect your business idea and your financial assets.
You’ve defined your business idea, conceptualized your service or product, found a name, and are now ready for the next step: idea validation. Knowing how to validate your business idea is a very important step of building a successful business. Without an idea validation process, you won’t have any way of knowing whether or not your business idea is a good one that will fill the needs of your ideal customers.
Not every business idea will be a success, so it’s important to take time for business idea validation in order to determine just how valuable and successful your idea can be.
We will help you to understand how to validate business ideas in order to determine whether or not it is worth pursuing your business venture. This is important as you will only want to commit time, energy, and resources (money, equipment, materials, etc.) into ideas that show promise of success.
There are a few key dos and don’ts for validating your business idea.
The Wrong Way to Validate an Idea
Create A Prototype → Raise Funding → Build The Team → Validate The Market
The incorrect way to validate your business idea is to start off by creating a prototype of your product or service. It’s tempting to create something tangible to show to investors, friends, and family, but you don’t want to put forth a significant sum of money and resources into a project before validating it.
Notice here that “Validate the Market” is the last step in this approach. As you’ll see, validating the idea should be the very first step you take before you create a prototype, find a team, generate funding and push it into the market.
The Right Way to Validate an Idea
Validate The Idea → Create A Prototype → Build The Right Team → Raise Funding
The correct process involves validating the idea first. If it shows promise, then you can proceed with building a tangible prototype, building a team around it, and finding funding for it. Only then will you be able to successfully take it to the next step and eventually bring it to market.
How to Validate Your Business Idea
Validating your business idea sounds like it can be a lot of work. While you want it to be an involved process to verify that it will survive in the market, it doesn’t need to be difficult. Here are a few pointers to get you started.
Browse Top Sellers & Existing Categories
Browse websites in your business idea’s industry and their “top sellers” list. This will give you an idea of what is the most popular options that they have on hand. You can also check the “categories” to see if your product will easily fit within the target market. If it does, you will have better luck getting your own product onto top selling lists.
Use Market Tools to Gauge Market Size
The Internet is flush with useful tools and applications to study a particular industry or market’s size, supply, and demand. Ideator has a Resources Portal with an enormous list of resources covering every facet of building your business, including customer support, development, web hosting, legal services, and so much more. Ideator also has survey and landing page tools to help you understand your target market and get an idea of who might be interested in your business concept.
Cater to Supply and Demand
In order to thrive, your product or service must fill a need. If a particular industry has a high supply of what you have to offer, you’ll have more competition. On the other hand, if there is high demand for what you have to offer and there are very few competitors, you will likely have much higher success. One example of discovering the demand for what you’re offering is Ideator’s landing page resource. You can set up a page that would collect emails based on interest in your business proposition, which helps to validate your idea. When you’ve collected multiple email addresses of people who are already interested in what you’re creating, your idea becomes that much more valuable.
Get Feedback in Person
You can always meet people in person, such as family and friends, or at networking and business events, to gather ideas, opinions, and feedback on what you are looking to build. The ultimate validation is when an individual or business is willing to pay you now for the service or product you intend to build.
Brace yourself for this recap, because the event was incredible! From Corporate Wellness to Robotics to Pharma to Solar Energy to Mobile Apps; from South America (Chile), Western Africa (Nairobi), and North America (Massachusetts, San Diego, and Cleveland), this idea challenge really demonstrated our community’s ingenuity, diversified industries and geographic agnosticism!
When Ideator Michelle Stansbury decided to try online dating, she began browsing through Tinder and other popular dating apps. She found the apps easy to use, but soon realized they tended to keep people online rather than getting together for an actual date. That’s when she decided to create her own dating app – the Date Spot.
One of the best parts about international travel is finding those “off the beaten path” places that don’t get overrun with tourists and provide a unique look into a country’s culture, cuisine or natural beauty. Finding those diamonds in the rough isn’t always easy, in part because local entrepreneurs serving the tourism industry often lack the resources or expertise to market their businesses to visitors from abroad.
But what if there was a way to bring tourists and local tourism entrepreneurs together for the benefit of both? (more…)
With the understanding that profitable and useful businesses are born out of profitable and useful ideas, the fundamental problem of entrepreneurship would seem to be the difficult passage from one to the other. Yet this paradigm does not subtract from the value of the idea itself. The practical and sometimes bruising realities of building a business cannot be made distinct from the abstract but inherently meaningful fact of a well-developed concept. A successful entrepreneur can undervalue neither theory nor practice, and must understand the vital link between the two in order to thrive.
A great idea is a great beginning, but it’s only that: a beginning. It needs a whole lot more than its own brilliance to shine. Someone has to take it by the reins and guide it through the storm. Someone has to be there to provide all the nourishment it needs to keep going. Someone has to chart a path that will be the shortest and easiest possible way for it to go the distance. And someone – a lot of people, actually – have to be there to shepherd it along the way.
At Ideator, we believe that everyone with a great idea should have the smoothest possible access to great business advice: all those innumerable business tips that make the difference between a clear path to success and a lot of time in the mud. That’s why we’ve built a platform to encourage our community of users to give their best business advice on the most successful business ideas.
An idea is valuable on its own – but it can’t be cashed in. Its value is directly linked to the amount of constructive work that is dedicated to making it a reality. With a great idea, one person can go a long way on their own. But the most profitable business ideas are always the ones that have been vetted by more heads than one. Even a genius entrepreneur needs business advice, and we’re here to make sure they get it.
Our community of users browses, selects, and engages with ideas that they believe can go places. Budding entrepreneurs can find support in all forms, from encouragement to seed funding. There are a lot of people out there who are looking to be a part of the next big thing, and that means finding the next great idea – and helping it along.
If you’re an expert in your field or just an innovation enthusiast, your business tips could go a long way towards pushing a great idea forward. By joining our community, you’re acknowledging the great power that ideas have to shape our world for the better, and showing your dedication to the cause of improving the human condition – one great idea at a time.
Your suggestions, thoughts, impressions are of immense value to people who are working to deliver on an idea – an idea that may have been generated here on our platform. The right advice can change somebody’s mind and push a business into a direction even its founder never would have envisioned. As a member of Ideator, you have the power to transform the ideas that will transform the future.
And if you’re an entrepreneur yourself, there’s no better way to test and develop your ideas than by collaborating with our users. You’ll find a network of like-minded professionals who are looking to encourage, challenge, and grow with you and your idea. It’s the kind of resource innovators from another age would wish they had: deep, sustained, support for new ideas – even (and especially) the kind that could disrupt the old way of doing things. Get started with the right advice.
The life of the entrepreneur is many things, but straightforward it isn’t. From the very beginning, you have to start with something that’s a perfect seed: a well-proportioned nugget of an idea that has the best possible chance of becoming something remarkable. You can work to make that happen – honing and considering as best you can on your own. But no matter how well you do without help, trust us when we say that you can do a lot better by perfecting your entrepreneur ideas alongside a dedicated community of like-minded people.
At Ideator, we’re passionately committed to promoting entrepreneurial ideas. We believe that ideas are valuable, and that good ones can lead to business ventures that enrich everyone who touches them – the person who came up with them most of all. We know that there’s gold in them there hills, and our great idea was to build the perfect mine for workable entrepreneur business ideas.
That means a commitment, not just to the idea, but to the entrepreneur who is shepherding it into the world. Let’s face: ideas are beautiful things, but they don’t work on their own. They need the careful attention of someone willing to dig as long as it takes to unearth something valuable and bring it to market. That’s you – and it’s also the dedicated community of users that make Ideator the gold mine that it is. You’re not alone, and we want you to know it.
Even at the earliest stages, ideas need to be treated with respect and attention if they’re going to emerge fully formed. Our network of professionals – experts in any number of fields, investors, innovation enthusiasts – is waiting to find the diamonds in the rough: the entrepreneur ideas that are twinkling in the darkness.
Get Help with Your Entrepreneur Ideas
And it’s not just about finding them. Ideator is here to help people help each other with the heavy lifting: honing the idea to suit the realities of the marketplace, expressing the idea to its fullest possible effect, even pivoting the idea to meet the surprising turns of the entrepreneurial experience. With a bevy of resources available to you – including the possibility of securing funding for your enterprise through our user community of enthusiastic investors – we’re here for you: to help shepherd the idea that you think could change the world.
We know just how meaningful that golden idea is to you, and we don’t want it to stay uncovered in the dark. Ideator is here to bring what’s truly valuable into the light, to ensure that a lack of proper outlet is never the reason a great entrepreneurial idea goes unnoticed. We believe that your idea can work, and our platform is here to give it every chance to shine.
Considering how all-consuming a good idea can be when it’s given its due, there’s nothing more important than articulating that idea correctly in your business plan. It’s going to be your pocket bible through a wild, wooly adventure, and just like you, it’ll have to be rugged and resourceful enough to go the distance.
So how do you go about writing a business plan? How do you make sure it’s perfect – which is what it’ll need to be? And more importantly, how will you know for sure when it is?
Help writing a business plan
As a business support system, Ideator can help you every step of the way. We’re connectors, and we’re managing a community of professionals that’s designed to be there at every stage of a business’ life span – with a special emphasis on that genesis of all things, the Almighty Idea.
Our big idea was realizing how many great ideas there are out there that don’t have a home. Without the proper support – funding, professional advice, meaningful feedback – many of the best ideas simply get lost in the ether. But this is an information age, and we know that ideas have value – sometimes more value than any other commodity.
That’s why we’ve invested ourselves in finding and connecting people – people who can help. If you have a great idea but need help writing the business plan, you’re exactly the kind of person we’re here for. We can connect you to professionals who know how to do it. They’ve done it before, they’ve evaluated them before, and they know what you need, and what you don’t.
Your business plan is too important to leave to chance. Even if you already know everything you need to know, experts from the Ideator community can give you a fresh perspective on how it sounds. Getting too deep into something can make you lose sight of how it’s perceived by an interested investor, advisor, or partner who otherwise knows nothing about it – and however much you know about writing a business plan, tailoring your message to them is what will ultimately make the difference between success and failure.
Let Ideator connect you with a community that wants you to succeed – and knows how to help. Without the support you need, your great idea could end up floundering, and you wouldn’t be the only one losing out. At Ideator, we believe that ideas have real power to make people’s lives better, and neglecting one means canceling out all the potential it had to improve the world. Your idea is important, and it deserves to be articulated in its best possible voice. Get the help you need to make your business plan perfect.