Free Business Idea Validation Checklist
What does it mean to validate your business idea?
Before launching a new product, service or business, it’s best practice to run it through a process to see that it makes sense. This process is called; Validating your idea.
To have a thorough understanding on how to validate your idea, check out our validation guide: How to Validate Your New Business Idea in 2019.
The main premise behind validating your business ideas is, before you commit huge amounts of time and capital to your new idea, you should scrutinize it and have it tested before fully committing.
As entrepreneurs, we want to ensure our business ventures have the best possible chance of success.
Below is a short instructional video on how to validate your business idea using our simple checklist.
Why is validating your business idea so important?
The importance of validating and testing any new business idea before launch is vital. As business owners or budding entrepreneurs, we are all aware of the high failure rates of new businesses. None of use want to waste thousands of dollars or years of hard work on a business idea that was never going to be successful.
There are many reasons why new business ideas don’t take off. You can read up on the many reasons why businesses fail at websites like failory. They have great resources and articles on why early stage businesses don’t succeed. The more you understand why ideas don’t work, and the reasons why businesses fail, the better equipped you will be to succeed in early stage ventures or bring successful products to market.
Business idea validation process
The process of validation is to expose and test potential ideas before jumping right in and devoting large amounts of time and capital.
The below infographic "Testing/Validation Your Business Idea" will help you better determine if your business idea has a chance of success. The image gives you an outline of some of the areas you should consider investigating before fully committing.
By working through a detailed validation process, you will uncover deep product knowledge and in-depth industry data that will greatly help you in deciding whether or not to pursue this venture.
This free business tool works great when developing a business after it has been fully evaluated using Strategy State’s Business Evaluation Tool.
Click below to download your free business tool: