So, you have a big idea, and you think you could turn it into a business venture. But, how do you know for sure?
The best way to know if your idea would make a viable business is to ask others what they think, and then use their feedback to decide what to do next. Asking family and friends is a good start, may not be the best way to get honest feedback.
Instead, seek out professionals who are experienced with idea-makers and startups or in your industry. Here are some ways to get the feedback you need to develop your idea.
Talk to Potential Customers
Ideas can only be successful if you can turn them into a product or service that will actually sell. A solid first step in seeking out feedback is determining who your potential customers are. Then, take your idea to them and see what they think. You can use focus groups, surveys, or individual meetings to approach customers.
Ask potential customers if they would actually pay for the idea and, if so, how much. Ask them to identify its features that they consider most beneficial, and discuss how it could solve problems for them.
Join a Like-Minded Group
Whether it’s an accelerator or incubator program, small-business development center, or an informal group of inventors and entrepreneurs, seek out other idea-makers. These people may help you see different perspectives of your idea and suggest ways to refine it.
These organizations may also have pitch competitions, where you can present your idea to a diverse group, often made up of investors and other experts, and get feedback.
Find a Mentor
Many established business leaders or investors are always looking for ways to pass along their knowledge. Invention mentors can be valuable sources of feedback, because they likely have extensive experience under their belts and know which ideas will work and which won’t.
Mentors can provide their thoughts on your idea’s potential for success. They can also offer suggestions for refining the idea. And, mentors will stick around for the long haul, helping you with other things down the road, like funding and manufacturing.
Unbiased, solid feedback is essential in understanding whether your idea is sellable and ready for the next phase. Share your idea with professionals and potential customers and see what they have to say.
If you have an idea and want to know if it could be a viable business, we can help. Call us 24 hours a day, 7 days a week on the inventor’s hotline at 888.864.1760 or email us firstname.lastname@example.org.