I Got a business Idea but want to see if it will fly before commiting any capital, time or real effort?
So I have a business Idea and I want to see if it's something that people would be interested in using. I don't want to put up any capital or spend a great deal of time physically developing it without knowing it will be worth it in the end. I suppose it boils down to confidence in the idea, While I believe it's a great idea, Will the rest of the world agree with me? So, is there anywhere I can go to test the Idea's buoyancy while it's still just a concept, see if there is a possible market for the product or service and also boost confidence in the idea to the point where I would be happy to invest time and money in developing the idea into a finished product?
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Well, I came across this site today, http://www.lovemyidea.com where you can do just that. It's aimed at entrepreneurs with just an Idea which can be published on the website where the users can rate and comment on any idea submitted. It's a great way to...
A.) Gauge the market and help realise the idea's potential.
B.) Find out ways the idea can be improved or changed to satisfy the needs of your potential customers cost free.
Im not too sure how large the community is but there are already hundreds of Ideas up for comment or critique and it seems to be a fairly active community so It might be worth trying out. Also, I came across this site http://www.ideaarchitectsonline.com/ which pay you for your business ideas. As the guys said in one of their episodes "ideas are a dime a dozen" so why not try to sell a dozen for more than a dime. They pay something like $50 for every approved idea and then $1,000 for 10 approved ideas. The other side of the coin here is that it's a great way to source ideas that people have but just don't have the drive to develop, and also it could be a good source of inspiration for your next business venture.
Hi vin.f,
You can try performing a keyword search using the Google Adwords: Keywords Tool and Googleâs Search-Based Keyword Tool to research how much search activity there is related to your idea and how itâs trending. Combine that with a standard Google search using your keywords to see what kind of competition you may have. If there is high keyword activity (>1,000 searches/mth) and relatively low search results (~100,000) then you may have a good niche to fill. This is the suggested method for finding good keyword phrases so it should theoretically work for researching a new product as well. This probably wonât work if your idea is so radical that nobody is searching for it.
Since this sounds like a physical product, I recommend listing to âHow to License Your Million Dollar Ideaâ by Harvey Reese. Lots of good information on product development. Check out his website Money4Ideas.com as well.
Also, you can utilize people in a forum such as this. You would not only get feedback on the product itself but also on the challenges of producing and selling it. If youâre nervous about sharing the idea with the entire group, you may try contacting members directly. Although I didnât see a way we can do thatâ¦
Wayne
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