how to validate your startup in 20 easy steps

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How To Validate Your Startup in 20 Easy Steps.

1.!

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If you can’t clearly state the problem your product or service solves, you probably don’t have a successful idea.

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What problem are you solving?

2.!


There’s a lot you can learn from those who have gone before you.

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Have others attempted to solve the problem?

3.!


The more you can think of, the more likely it is that you’re meeting a real need and can be successful.

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How many specific benefits for your idea can you list?

4.!


Not being able to easily describe the key features of your idea is a warning sign that the idea isn’t well thought out yet.

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Can you state the key features of your product or service?

5.!


If a similar solution exists, how will yours be different? If you don’t have any clear differentiating benefits or features, you

likely need a new idea.

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Does your idea already exist in the same way you are creating it?

6.!


Having competitors isn’t a bad thing — it means a market exists. However, knowing what you’ll face if you launch is important, as an overcrowded marketplace or one where

consumers have a strong affinity for the dominant brand may be more difficult to break into.

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Who are your competitors?

7.!


Before you go into business, you need to be very clear about what sets you apart from competitors.

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What key features does the idea have that others cannot copy?

8.!


Doing a SWOT analysis helps you to understand the strengths, weaknesses, opportunities and threats that your

idea has, giving you a better idea of the overall likelihood for success.

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Have you done a SWOT analysis?

9.!


While you don’t need to be rich to launch a business, you will need some combination of time and money, depending on

the scope of your idea. If you have no way to access everything you need, you’re better off waiting to launch your

company until your situation is different.

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Do you have access to the resources you need to launch your idea?

10.!


Certainly, you can go it alone if you have to, but when you start a new business, having the advice of others in a similar

business space can prevent unnecessary expenditures or missteps.

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Do you have a mentor or an advisor that you can call?

11.!


This is the beginning of market research — who do you actually know that would use your idea? A general

demographic isn’t enough, so take the time to hone in your target buyer personas.

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Can you name somebody who would benefit from your idea?

12.!


If you don’t know the size of the market, you have a lot of research ahead of you. Understanding how many people

need your idea — and what they’re willing to pay for it — will help you determine whether your concept is viable.

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What is the size of the market?

13.!


Getting feedback before investing further money can help you avoid creating a product or service that nobody really

wants.

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Have you reached out to potential customers for feedback?

14.!


This can be an easy and inexpensive way to test interest in a product or service. If a lot of people are interested, it’s a

great sign that you’re on the right track!

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Can you set up a landing page and encourage people to sign up?

15.!


One mistake many entrepreneurs make is thinking that they have to launch a finished concept right away. Consider starting small, gauging interest and iterating as you go.

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What would it take to build an MVP to test the market?

16.!


Pre-orders are a solid sign of customer commitment. Someone saying they’re interested is one thing, but seeing people actually pony up their credit card information is a

much stronger sign of potential success.

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Can you get customers to pre-order based on a blueprint or mockup?

17.!


As you might expect, before launch, you need to know who’s actually going to produce the first set of products or services,

as well as whether they can do so within your budget.

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Can you produce the actual product yourself?

18.!


Once you have paying customers, you’ll need to ramp up actual distribution to meet demand. Do you have access to

the partners and/or money needed to do so?

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Do you have distributors or partners to help you scale your business?

19.!


Some ideas take a lot of upfront investment, while others don’t. If yours does, it’s a good idea to plan for how you’ll

handle your finances and daily needs while you’re waiting for your product or service to gain traction.

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What will it take to break even or make a profit?

20.!


If you want others to come alongside your business and help you grow, you’ll have to know how they can benefit.

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How can investors in your idea make a profit?

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Do You Have a Great Idea?

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