I have coached over 50 startups and built 2 startups myself. Here is what you need to do before you spend $10k on your startup idea to avoid disaster.
Let's dive in.
Let's dive in.
The first steps
So basically it's a 2 part process. The first is an absolute must. When I joined my first startup, we ignored this step and guess what - it cost our startup everything. We basically took our $10K and started development.
❌ Big mistake.
The first thing you need to do is validate your idea. You need to make sure people would pay for your product. Validating your idea is super easy with just 9 questions.
Here is how you do it:
❌ Big mistake.
The first thing you need to do is validate your idea. You need to make sure people would pay for your product. Validating your idea is super easy with just 9 questions.
Here is how you do it:
How to validate your startup Idea with 9 questions
Ask your potential customers these questions:
Dear potential customer, ...
Dear potential customer, ...
1. How are you currently … (here you fill in the problem you are trying to solve)
This one’s crucial. You want to figure out how your potential customers are currently solving this problem - and if they even see it as a problem.
2. What's the most annoying thing about the way you … (here you fill in the problem you are trying to solve)
This shows the main pain point of your potential customers. Your solution needs to solve this big pain point.
3. Why didn't you already change it?
You basically want to understand if your potential customers actually care. I mean, if they tell you - well, because I don't really care - then you're either asking the wrong people or your solution just isn't that important to them. If no one really cares, you need to pivot your idea.
4. How would it work in an ideal world for you?
This is my favorite question to validate a new idea. Because it shows what your potential customers really want to achieve. And it gives you a good idea if your solution could be valuable.
5. Because I am thinking about creating … (here you fill in your solution)
I think this is one of the most important things to remember here - don't pitch your solution straight away. Understand your customers, ask them the important questions to find out what frustrates them and what they want to achieve, and then you can pitch your idea. That's the concept.
The next few questions are all about your solution.
The next few questions are all about your solution.
6. Would it even be valuable? Why? Why not?
7. Are there any solutions you have tried before?
8. How would this solution fit into your daily routine?
9. Would you be interested in participating in a beta test?
7. Are there any solutions you have tried before?
8. How would this solution fit into your daily routine?
9. Would you be interested in participating in a beta test?
These are the 9 questions you need to answer to validate your idea. After interviewing 5-10 people from your target group, you will know if your idea is worth something, if you need to tweak it, or if you need to scrap it altogether.
I have seen so many founders who had a great idea and just built it - only to find out that nobody wanted their product. Don't do that. Validate your idea.
But validating your idea isn't enough, there is something else you need to do.
STARTUP Worksheets & templatesBut validating your idea isn't enough, there is something else you need to do.
How to build your MVP
Okay, so you've validated your idea. But here's the thing - validation alone won't save your startup. There's one more critical step you can't skip, because it's the best insurance against failure.
It's to build your MVP.
The MVP is the simplest version of your product that people would still pay for. So no fancy design, no crazy features - just the basics. And this should be super cheap to build.
The biggest mistake here is trying to make everything perfect before you launch and test your MVP. So focus on the core functionality and remove everything that isn't critical.
It's to build your MVP.
The MVP is the simplest version of your product that people would still pay for. So no fancy design, no crazy features - just the basics. And this should be super cheap to build.
The biggest mistake here is trying to make everything perfect before you launch and test your MVP. So focus on the core functionality and remove everything that isn't critical.
But to be honest, that's easier said than done, because you really need to understand what problem your product solves. A great framework to find this out is to get a piece of paper and answer the following questions:
• What are the 5 features that are necessary for people to buy the product
• What are the 3 features that are necessary for people to buy the product
• What is the 1 feature that is necessary for people to buy the product
This will help you figure out which features are really critical to solving your customer's problem.
• What are the 5 features that are necessary for people to buy the product
• What are the 3 features that are necessary for people to buy the product
• What is the 1 feature that is necessary for people to buy the product
This will help you figure out which features are really critical to solving your customer's problem.
So build the simplest version of your idea that works and then release it and test it with your potential customers. Basically, you want to find out if people like your product and would pay for it.
The reason this is so important is because it's your insurance that you're not building something nobody wants.
The reason this is so important is because it's your insurance that you're not building something nobody wants.
POWERFUL STARTUP RESOURCESWhat's next
So now you know the 2 important steps you need to take before you invest a lot of money in your startup idea.
Validate your idea and quickly build and test your MVP.
The next step is to get your first customers. Check out my Marketing Channel Bundle. It's a proven 4-step framework that will help you find your best marketing channels to get new customers WITHOUT you having to waste your hard-earned money on expensive ads.
Check it out!
Validate your idea and quickly build and test your MVP.
The next step is to get your first customers. Check out my Marketing Channel Bundle. It's a proven 4-step framework that will help you find your best marketing channels to get new customers WITHOUT you having to waste your hard-earned money on expensive ads.
Check it out!
