A business's potential
If you want to start a business, you must know in advance what its potential is.
Not every idea leads to a business!
In short, to be sure that what you want to launch can be successful, you need to go through several stages of validation:
- Market validation: you need to make sure that the chosen niche is a good one, and that you have all the necessary information about the competitors
- Idea validation: analyze if there is a need to satisfy with your product, and of course, if there is demand
- MVP validation: to turn an idea into a business, you must have at least one viable product. Test the product and make sure it's the right one.
From idea to profit!
- Start from the SWOT analysis through which you identify: the strengths, weaknesses, opportunities, and dangers of your business idea.
- Create a prototype. What does this entail? Even if your idea is about a product or service, you need to create a first copy that you think you can sell to customers.
- MVP. It is the opportune moment to create the so-called Minimum Viable Product. What is MVP? It is the first version of the product that you could sell to a potential customer and that you take further into the testing and experimentation stage.
- Test the product on a small sample of representative people.
- Launch your business. After you have established all the details of the new activity or product, it follows the launch on the market for a certain period.