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Ultimate Guide to Profitable Business Ideas — Part 4

Risk-Free Ways to Test Your Business Idea

Risk-Free Ways to Test Your Business Idea
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By now, you’ve identified your skills, strengths, and interests. That’s an important first step. It’s also easy. It just requires a bit of thought and you can knock out the answers in 5 minutes.

Now, it’s time to go out into the real world and test your business idea before investing any time or money.

Take an idea from your ideas on the Demand Matrix in Part 1, and determine:

1. Is anyone else offering your service?

Now, a lot of people I know will actually get depressed when they notice there’s someone “already doing” their idea. This is the opposite of how I see it. When I see a healthy range of providers for an idea, it tells me there’s a market for that product. It’s good news — not something to shy away from. Since most people are terrible (see The Craigslist Penis Effect), with some ingenuity you can crush them.

2. Is anyone out there looking for your service?

Have you ever seen a job posting or help wanted ad for the service you’re thinking of providing? On Craigslist, other jobs sites, or even via word of mouth? These are clear signs of demand for your idea, and that’s also very good news.

If you have no demand, you have no business — end of story.

But if you have demand, it’s time to find your best customers by asking yourself:

Do your potential customers have the ABILITY and WILLINGNESS to pay?

Your market must have the ability and willingness to pay. And some people and groups are particularly bad markets. Here’s how to figure out if your potential market is good or bad:

Notice we’ve spent no money and almost no time on the above exercises. But so few people go through these simple steps to determine if their business idea will make money.

Once you’ve determined there’s a market for your business idea, you can take it to them to test it for free.

An idea in a vacuum is delusion. But when you test it against the market, your idea may slowly reveal itself to be a PROFITABLE IDEA.

Here’s what I want you to do (20 minutes):

  • Find 1 person — JUST ONE! — who might be interested in your idea. You can do this via email or in person. If you’re not sure, ask ANYONE remotely close to the idea, even your parents. We’re not aiming for perfection right now, just people.
  • “Test” for language using this script: “I’m thinking of starting some kind of website around [YOUR IDEA]. When you talk to your friends about it, what do you say? What’s the biggest problem around [YOUR IDEA]?”
  • Write down the exact language they use. Did they really say, “I want a solution that’s easy, fast, and secure”? No, they did not. WRITE DOWN WHAT THEY ACTUALLY SAY. “I hate how these jeans look on me” is a terrific response. “Every day I wake up, I just dread going to work” is another.
Free Places to Test Your Business Idea | The Ultimate Guide to Profitable Business Ideas | growthlab.com

How to know people will actually pay

In my premium course, Zero to Launch, I cover exactly what to do with your responses to these exercises. And for readers of this guide only, I’m sharing that exclusive video.

In 12 minutes, you’ll learn:

  • How to narrow down a market to find the “sweet spot” that’ll make people BEG you to take their money (2:55)
  • 3 free places you can find prospective clients and develop an incredible pitch that gets them salivating (4:02)
  • How to test for emotional responses to see if your idea will make you money (7:08)
  • The common trap of false confirmations that can ruin any business — and how you can avoid them (9:07)
  • What to do if you have mixed “yes” and “no” responses to your idea (10:16)
Get free instant access to the video “How to Validate Your Idea” | The Ultimate Guide to Profitable Business Ideas | growthlab.com

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Risk-Free Ways to Test Your Business Idea