Five tips for testing the viability of your business

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Five tips for testing the viability of your business

Anyone can start a business in the industry of their choice, but not all businesses will succeed. There are steps you must take to make sure your business venture won’t fail before you can get it off the ground. Use the following marketing tips to test the viability of your business idea.

Determine what makes your business idea unique.

The most important of all the marketing tips is to research your competition and compare your idea with businesses in your industry. While conducting your research, determine your competitors’ weaknesses by signing up for their email lists and reaching out to them as a new customer. Visit their websites and read their customer testimonials. Test your product or service against these weaknesses, so you can stand out above your competition. Write down the similarities and the differences to determine how to tweak your idea and give your product or service a fresh new look.

Conduct research to find your target market.

You can conduct market research in several ways. For example, strike up a conversation with someone at a coffee shop or restaurant. If he or she asks what type of work you do, share your business idea and ask for feedback, taking notes so you can incorporate some of the tips and tricks you’ve learned into your business plan. While scrolling through your social media platforms, create polls or share your business idea in a post and ask your friends to share their feedback. Discuss your idea with business owners in your industry and ask if they have any suggestions on how you can improve your business plan. Share your idea with your current customer base and ask them if your product is one they’d be willing to buy or a service they’d be willing to pay for.

Plan a startup budget for your business.

Write down all expenses you think may occur. As you launch your business, keep a running record of all expenses to determine whether or not you have the finances to move forward with your plan. If you see that your startup costs exceed your budget, you’ll need to go back and find ways to reduce your overhead costs.

Find relevant beta testers to validate your business idea.

Inviting people to beta test your idea can help you spot problems in the operation of your service. Create prototypes of your products and show them to potential customers. They can help you pinpoint flaws in your product by telling you what works and what does not.

Find a mentor or business coach to help you get started.

Seeking advice from a person with experience in launching startups can be a valuable asset to the success of your business. Your mentor can point out flaws in your business plan and help you create a marketing strategy to outshine your competition.

Outlook Business Solutions can help you test the viability of your business and offer more marketing tips. Contact us for more details.