Once you have come up with an idea for a business, you have to determine whether it has been tried and whether it is feasible. It can take several months to validate your project, and this process will probably cause you to amend your initial plan, but these efforts will improve your chances of success.
Commissioner of business development
DE – CLDG
“Validating a business idea means first acknowledging that the client is king. This means you have to fully understand your clients’ purchasing needs and criteria so you can offer them products and services that far surpass those offered by the competition. Validating a business idea means applying the art of going from an idea?even the most original one?to a solid and profitable business.”
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Visit similar businesses
Successful businesses here and elsewhere can give you lots of information about clients, technical issues, things to avoid or to do, etc.
Meet people with experience in the field
Talk to potential customers and users, competitors, distributors and experts to understand the needs and criteria for making a purchase.
Assess business uncertainties and risks
Idea theft, technical feasibility, laws, cost and budget overruns, slow sales, saturated markets, etc.
Identify possible solutions
Intellectual property, doing-it-yourself or contracting out, potential partners, selling directly or through a distributor, hiring external contractors, etc.
Take the time to prepare your project presentation
Present your idea for your project succinctly, and develop a message that is adapted to each group’s reality (buyers, business partners, bankers, funders, etc.).
Make your first sales
Inasmuch as possible, try to make your first sales with a minimum investment.
- « DE – CLDG is there to serve entrepreneurs who have a business idea. For additional information, call 819-595-8002. Our services are free and confidential.