Saturday, April 20, 2024

4 ways to gauge if your business idea will make money

1. Join an online community.

All great business ideas come from solving your biggest frustrations; the ones are also facing with similar obstacles. Want to uncover which problems you could get paid to help people solve? Join a topically relevant group on Facebook, LinkedIn or Slack, where members all have a shared interest.

Start asking genuine questions. Determine what their biggest challenges are in your topic area. Through these conversations, you’ll hear first-hand from your target customers exactly what they want. This gives you an incredible opportunity to create something more valuable, effective and unique to satisfy their needs in ways that others currently are not.

2. Guest posting.

The logic behind guest posting is simple. Get a preview of your upcoming solution, the idea you want to validate, published and highlighted on a more popular website that already has your existing audience built-in. Within your guest post on the same topic as the idea you want to validate, include links back to where readers can have the opportunity to learn more about what you’re building.

When I wanted to validate the idea for my first online course teaching people how to build a side business, I spent countless hours landing my first guest posts on blogs like Buffer, CreativeLive, The Daily Muse and other destinations, where I knew my audience was already reading.

Shortly after sending a cold email pitch to a writer at Buffer, my first guest post about finding meaningful work went live and in less than a week I’d amassed a couple hundred email subscribers that wanted updates on my course. The phone, email and Skype conversations I had with those early subscribers laid the foundation for the community I’ve grown and the products I’ve built.

3. Facebook ads.

If you’re willing to allocate a budget of $100 to $200 for driving paid traffic to your landing page through Facebook Ads, you can expect to get upwards of a couple hundred highly targeted visitors to come check out the idea you’re working on.

With a previous business, my partner and I were able to validate a brand new product line before investing in it. We spent $100 on Facebook Ads, collecting leads by offering a free downloadable guide. Then we transitioned into phone conversations with those potential customers, before landing our first $5,000 sale in less than two weeks. If you’re ready to try out your first Facebook Ads, get started and do it right.

4. Giveaways.

Choosing to run a contest or giveaway to help validate your idea can be massively successful in terms of growing your list of prospective customers, if you choose the right incentives to include in your giveaway. One of the most common mistake entrepreneurs make with hosting a giveaway, is awarding prizes that everybody would want to win.

If you run a giveaway, the prize needs to be very closely related to the solution you’re planning on building. That means no Amazon gift cards or iPhones. If you want to host a giveaway to validate your photography-related website idea, start by asking what photographers want most, which could be a free subscription to Adobe Lightroom, a new lens kit or a coaching session with a well-known photographer in their space.

Then, make sure you’re using the right giveaway platform to help incentivize entrants to share with their communities. If you can get each giveaway entrant to refer five of their friends, you can quickly go viral and build a large interest list.

Connect With Us

320,550FansLike
14,108FollowersFollow
8,436FollowersFollow
1,900SubscribersSubscribe

Latest Stories

Related Stories