Post by Ismail AbdulAzeez on May 12, 2022 11:33:12 GMT 1
In this article, we continue with the very important problem of validating the product or service you are interested in producing or engaging into.
Congratulations, you have come up with a beautiful business idea in your own eyes, you may have even discussed the idea with some of your friends and relations and they agreed with you that it is superb.
You may have even raised the required funds to start the business, you are doing all these because you believe that you have all it takes to be an entrepreneur, but caution should be taken. Don't throw caution to the wind according to the old saying.
One very important process that is supposed to even be the first to carry out is validating that your business idea before doing any other thing.
Now, it is time for us to validate that your business idea to know its market potential. There are products that are lying in warehouses across the country because someone brought them in without trying to find out if really there is a market for them.
The product is fine and looks good to you, but is it widely acceptable to a wide range of people or a large number of people to warrant your spending money on it?
What is Market validation?
Market validation is the entire process or method of determining or finding out if that your dear product is actually needed in your target market.
You cannot sell to the whole world; there must be a target market that needs your product or service.
That is the segment of the population you are targeting, they are the people you want to satisfy, but how do you know that they will love your product?
Validating your business idea can reasonably let you predict if people will buy your product or service and also whether your business will be profitable.
If the business is not going to be profitable no matter how hard you work the business will not succeed.
If you validate your business idea or product early in the entrepreneurial journey you will ensure that you do not waste your precious time and resources importing or manufacturing a product that nobody wants to buy.
If you carry out proper market validation, the insight you gain can instill confidence in investors and others who may be interested in investing in expansion of the business.
By going through the process of validating your business idea or product, you will probably gain a deeper understanding of how the product performs whether or not it will meet the needs of your target customers and solve their pain points.
The insights you will gain from validating the idea or the product will help you create an offer that will not only address your niche market needs but will surely create your first paying customers.
Incidentally, validating a product idea is one of the real headaches any serious business person just starting faces.
The reason is that the risk of failure is real and glaring; any mistake can derail the business completely.
Why is this so?
There are many overzealous newbie business people that have not done any sort of business or product validation before launching products that do not have any significant market demand.
They are all over the place, I've been working with them for over 5 years now, and the situation has not changed.
We are doing the second part of this article soon.
That is when we are going to consider the practical methods of validating business and product ideas before launching.
Our company is one of the best companies in importation business in Nigeria today, we train individuals and corporate organizations on how to do Major and Mini Importation business the right way; if you are interested, please contact the admin of this forum now.
Stay with us
Congratulations, you have come up with a beautiful business idea in your own eyes, you may have even discussed the idea with some of your friends and relations and they agreed with you that it is superb.
You may have even raised the required funds to start the business, you are doing all these because you believe that you have all it takes to be an entrepreneur, but caution should be taken. Don't throw caution to the wind according to the old saying.
One very important process that is supposed to even be the first to carry out is validating that your business idea before doing any other thing.
Now, it is time for us to validate that your business idea to know its market potential. There are products that are lying in warehouses across the country because someone brought them in without trying to find out if really there is a market for them.
The product is fine and looks good to you, but is it widely acceptable to a wide range of people or a large number of people to warrant your spending money on it?
What is Market validation?
Market validation is the entire process or method of determining or finding out if that your dear product is actually needed in your target market.
You cannot sell to the whole world; there must be a target market that needs your product or service.
That is the segment of the population you are targeting, they are the people you want to satisfy, but how do you know that they will love your product?
Validating your business idea can reasonably let you predict if people will buy your product or service and also whether your business will be profitable.
If the business is not going to be profitable no matter how hard you work the business will not succeed.
If you validate your business idea or product early in the entrepreneurial journey you will ensure that you do not waste your precious time and resources importing or manufacturing a product that nobody wants to buy.
If you carry out proper market validation, the insight you gain can instill confidence in investors and others who may be interested in investing in expansion of the business.
By going through the process of validating your business idea or product, you will probably gain a deeper understanding of how the product performs whether or not it will meet the needs of your target customers and solve their pain points.
The insights you will gain from validating the idea or the product will help you create an offer that will not only address your niche market needs but will surely create your first paying customers.
Incidentally, validating a product idea is one of the real headaches any serious business person just starting faces.
The reason is that the risk of failure is real and glaring; any mistake can derail the business completely.
Why is this so?
There are many overzealous newbie business people that have not done any sort of business or product validation before launching products that do not have any significant market demand.
They are all over the place, I've been working with them for over 5 years now, and the situation has not changed.
We are doing the second part of this article soon.
That is when we are going to consider the practical methods of validating business and product ideas before launching.
Our company is one of the best companies in importation business in Nigeria today, we train individuals and corporate organizations on how to do Major and Mini Importation business the right way; if you are interested, please contact the admin of this forum now.
Stay with us