Validating a business is hard and there are people everywhere offering different models on how to do it. Kenny Cannon has worked with over 200,000 people over the past 12 years and has been validating business ideas, both his own and his clients, since 2007.
This simple process, if followed, will show you how to validate any business idea in under 3 hours completely for free. Even better, following this process will produce paying customers for you almost instantly. Like most successful entrepreneurs, Kenny believes that you do not have a business until you have a paying customer.
It doesn’t matter how many people “raise their hand” for free information or a free sample. The question is – Are people willing to PAY for it? If the answer to that question is YES, you have a validated idea. If the answer to that question is NO, then you don’t. In this video, Kenny Cannon walks you through exactly how he gets to the YES or NO of validation in under 3 hours. Because this process is so quick, you never have to worry about “giving up” on an idea.
You can come up with simple business ideas daily (which is an exercise Kenny teaches in other videos) and try to validate it that same day. This gives people the opportunity to test ideas quickly and decide, based on real sales and income, whether they want to move forward with the idea or choose something else.
Watch the video below:
Validating Your Business Idea
There are a few things you need to do when validating your business idea. First, you need to determine the demographic and the common interest of your target customers. If you already have a target market defined, you’re half way there. Otherwise, you’ll have to study the competition and figure out what sets your idea apart from the rest. This article will show you how to validate your business idea. Here are a few ways to do it.
After you’ve done your research and found out who your target customers are, it’s time to start testing your business idea. Make assumptions about the potential value of your product or service, the pricing and the business model. Test these assumptions against real data to make sure they’re right. You’ll discover that some assumptions are wrong and some are not. A successful business idea development process will take you from idea to product in as little time as possible.
Business ideas come in all shapes and sizes. They may be innovative, thoughtful, or game-changing. No matter what shape they take, you’ll need to follow the steps to validate them. These steps are similar to the scientific method but are designed specifically for business. If you’ve come up with a great idea, you’ll need to validate it as much as possible. Once you have a viable business model, you’ll be well on your way to success.
When you’ve found your idea, you’ll need to validate it by putting it into the real world. You’ll need to gather evidence around it to de-risk your decision. Your business idea must address a real need and have other factors that make it a good business proposition. This process will help you reduce your risk and minimize the costs associated with your business. Once you’ve done this, you can take the next step with confidence.
When validating your business idea, you need to test the hypothesis that your business idea is sound. The most critical assumption you must test is whether people would be willing to pay for your service or product. This is often the first step to an improved idea. The next step is to create a working prototype. If you don’t have enough money, consider launching a product instead. The more product you sell, the more money you will earn.