Proved method to avoid startup failure by 90% (By a founder)
According to Harvard, the biggest reason for the closure of 45 percent of startups was a bad idea or product.
Most founders fall prey to overconfidence in the startup idea. They assume that the market needs it badly. And without any market research or any buying audience, they start to convert that idea into a physical product, app or service.
Latterly, it's depressing when you have to shut down your startup after putting your sweat and 1000s of hours into it.
Here's how you can avoid this:
You don't have to build an actual product or software before going into the market. Having an idea is enough. This way, you can test your idea & find the legit audience within less capital and a short time.
Step 1: Choose the name & buy a domain.
It would be best if you chose an easy & generic name for your product. Then buy the domain of that name. Don't waste too much time brainstorming about this.
Step 2: Build a landing page.
Invest some time in creating your landing page. Mention product features, tell its use-cases and showcase the idea of your product. Add fake testimonials (don't overdo it). Invest time to create it. A landing page serves as a door to your business mall.
Add an email collection form and give them an incentive as a free trial or free product for someone who subscribes now.
Step 3: Run FB/Google Ads for 14 days.
Decide on an Ad budget. It should be minimal. 150-200 dollars is fine. Create an Ad copy or better get it designed on Fiverr( $5-$30 ). Choose your assumed audience and Run Ads for 14 days.
Step 4: Measure metrics & communicate.
After 14 days, analyze your CTR, CPA, CPC and email subscribers.
Send a personalized email to the people subscribed.
Ask them why they registered, their pain points & any feature they will want in it.
This way, you can start with a precise vision of what to build or build it or not. You can call out potential customers to test your early versions of the product and modify it accordingly.
Happy building and earning.
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