Coming up with a genius idea for a new business startup is hard enough, but trying to determine whether or not that idea is actually genius or just sounded brilliant in your head is a separate issue entirely.
It can be extremely hard and/or expensive to find out what other people think about your idea. Surveys don’t get much meaningful response, market research studies are often prohibitively expensive, and asking your friends and family is far from reliable as they are likely just telling you what you want to hear. So how else can you gauge the potential reception to your business? Try some of the tips below.
- Go face-to-face with potential customers. Try setting up in a busy area that sees a lot of foot traffic and ask passersby what their response may be to your business. Would they use your service or buy products from your store? If not, what reason do they give? Do they have any suggestions for improving your idea? Even if a lot of the feedback is negative, it’s easy to turn it into a positive by changing the aspect that people seemed to be turned off by.
- Don’t hesitate to ask industry contacts. If you know anyone in a related field, it can’t hurt to ask their opinion. Former bosses, coworkers, customers or anyone else that may have an educated opinion may be one of your best resources.
- Check your area for accelerators and incubators. Most cities have programs that can be extremely beneficial to individuals with a new idea. Programs like accelerators and incubators can be a great way for an up-and-coming entrepreneur to get some real help in evaluating and enhancing their business model. There are programs through the SBA in most cities.
- An outside mentor capable of offering objective guidance and critiques can be an invaluable resource if you can find one willing to help you out. There are tons of retired businessmen who have been where you are and succeeded.
Garland & Mason, L.L.C. – New Jersey business lawyers