Sometimes when you get a great idea, the first thing you do is run it by a few friends to see if it’s a better mousetrap. And most times, good ideas stay good ideas and go no farther. But once in while, with just a sprinkling of social proof, some budding inventor will become certain they’ve struck gold and become obsessed to bring this new idea to market. I can’t help but appreciate the energy in this situation. But is this the right course of action?
If you’re like most entrepreneurs, you have a number of great ideas. It’s clear you have a passion about your invention and you’re eager to move it forward. But before you do that, I’d like to share some advice before you spend any money bringing it to market. Think sales.
Make a Sale to Prove it’s a Real Business.
If you can get someone to plunk money down on an idea, you have concrete evidence you’re on the right path. This is a case where sales is not a process for closing business, but a means of validating a business.
With that said, let’s offer up a process entrepreneurs can follow:
- Create a list of 10 prospective buyers.
- Call them up and schedule a sales call. Print business cards and pretend brochures of your invention.
- At the sales call interview them about their pains and desires you think, your solution can solve.
- Once you get their list, share how you may have a solution that addresses their needs (share the brochure).
- See if they agree with your solution. Thoroughly understand what they like and dislike about your idea.
- If they like your solution ask them would they buy and at what price.
- If you can get a few prospects to agree to buy, you have a business! If they don’t like your invention, you’ve saved yourself a huge hassle not to mention expense.
Once you’ve proven you have a business, you can start working on the logistics of having someone design, fund, test, deploy and sell your invention. But let me repeat, for the cost of some brochures and business cards, you can quickly see if your idea really makes sense.
Fail Early Fail Fast
Far to many entrepreneurs lead with an idea, before knowing if buyers really agree. Don’t build things you THINK they want. Build things you KNOW they want. If you can sell it before it exists, you’re on the right path.
Do you have an idea that you’re itching to validate? Are you struggling to figure out a way to prove it’s a viable business opportunity? I can help!