What's the first thing you do to explore a new business idea?
I have a list of business ideas as I'm sure we all do. They probably look wildly different. But either way, I was thinking about the very first step I take after an idea is recorded in my list.
I probably try to find out whether or not someone else is doing it.
Or maybe I actually determine whether it would be something I actually would want to do if it were to work.
Curious what everyone else does.
Buy a domain 🤦♂️
Lol same.
How many domains do you own? :)
I think I counted 10 last time I logged into my registrar 🙃 Obviously the wrong way to go about it... my MRR is zero.
hahah gah I think you nailed it. I think I search for domains first actually.
I send out a few emails to people I trust and admire their expertise.
Run it by my partners. If it passes the smell test:
Email a few people that could be potential customers and ask if they resonate with the problem it solves. Maybe make a cryptic post in a few forums asking if others have the same problem.
Or in the best-case scenario, get in front of potential customers and ask them questions to validate it.
Do some competitive research to see who else is doing it an what they charge. Evaluate competitive products.
I keep repeating these steps and noodle on it for a few weeks and see how strongly I feel about it then.
The smell test is powerful. An idea is either rotten or not in a lot of cases.
I email/call potential leads. Talk to my network about the idea. Post here on IH. Gauge feedback before the next step.
🙌 I did that once and had two people reach out to me because they wanted to pursue the idea. I decided to just let them do it since they seemed a bit more excited about it than me.
Still plan on posting here, for the record.
Write it down, let it age for a few months and see If I am still curious about the Idea after the honeymoon Phase
A good idea is a like a fine wine. I like it.
True. I tend to do this unknowingly after I validate the idea. If the idea still kicks my butt to continue, I get the MVP done.
Usually I filter them based on a few criteria (mostly from the 7day startup book) before even considering doing research.
https://share.getcloudapp.com/ApuypPr5 (sorry, some are a bit cut off...but the idea is to have an initial scorecard that helps me to decide on which projects to focus on)
Then I try to map out how validation could look like (ideally someone paying me to do whatever solves that specific pain point).
Then I do research and try to find the potential audience and how I can reach them and so on...but yeah, right from the start i am trying to add a few restrictions. But it really depends on your goals here...your criteria might differ based on what your goals are.
Now I think you might have the most practical approach here and it has everything to do with validation. You validate internally based on the criteria you have. Then you think about what validating externally would look like.
Market research. Specifically estimate the market size in $ and existing competition. Basic keyword research on Google helps estimate demand.
I've found that existing competition isn't as much of a deterrent as it is an indicator that the market is ripe for the idea. Is that how you see competition?
Yes and no. Existing competition definitely helps validate the idea. But that doesn't necessarily mean customers are clamoring for a better solution. So, I try to get a feel for how good the competition is doing, are they getting complaints, etc...