Businesses today are being set up faster and they run on a smaller scale. If business owners want to test the waters first, they either set up an online store or create a pop up shop or restaurant just to see how well their products or services will be received by their target market. This is an effective way to start a business without spending too much on capital and investing on equipment.
The testing the waters phase is something that today’s young people are very comfortable doing and they’re also not afraid to work on multiple startup ideas at the same time. The beauty of being able to test the market is part of the validation plan which modern entrepreneurs implement whenever they have ideas for a business.
Rather than simply rely on market studies or feasibility reports, these businessmen and women trust the validation method. There are several ways to validate your startup idea and this includes setting up a popup shop in order to see how people react to their product. When it comes to services, it is easy to set up a Facebook page or blog site and see whether people will actually contact you and inquire about the services you are offering.
A good example would be a startup business offering writing services to local and foreign customers. This can easily be established with a simple blog site and inquiries can be handled personally. When the business grows the website can be improved to include an ordering system.
Our infographic shows 9 different ways to validate business ideas. Read and see which ones apply best to your plans!