The best ideas come at your down time and it’s crazy when you can get your “ah-ha” moment. It can be in the shower or when you’re walking your dog. Whenever that moment comes, the next step would be to validate the idea. It might seem like the ultimate solution at the time but there’s a little more legwork required before you can truly execute the plan flawlessly.

After all, most business ideas fail within the first year. That’s why it’s important to go through the validation phase before sinking your life’s savings into it. This is great advice and we’re helping you minimize risk and costs.

Now you might be wondering just how to go about this. Consider these few points the next time a big business idea comes to mind:

Is it already in the market?

You might think it’s a crazy, unthought-of solution that’s so simple and has been sitting right under our noses that there’s just no way we could have missed it. You might be right. Do a quick search online. We’re so connected in this world that you can find everything there. Didn’t see the exact solution? Do a thorough search before proclaiming victory. If you can find something similar, don’t give up just yet. There may still be hope. Is there any way you could improve on it? Can you add value to the idea and make it even better? Maybe you don’t even have to create it from scratch but rather, work on something that can complement the idea with an upgrade.

Gather feedback

You’ll need to speak to your closest tribe about this. Take honest feedback as often as possible. Talk it through because 2 heads are definitely better than 1. Sometimes it helps to have an external voice to bounce ideas off because you don’t want to be blindsided and not get all the possible questions out of the way. Of course, keep a lookout for naysayers and yes-men. Neither of those groups can be trusted. On one hand, haters are going to hate and shoot all your ideas down. On the other, they’ll be like your mother always telling you that you’re the most beautiful child in the world (not saying you’re not but you know what I mean).

Plan & build your MVP

This is the part where you get all the details down. What’s your value proposition that makes your idea superior compared to whatever solution is in the market? Who’s your target audience? How will you build and market your minimum viable product? If it’s a new product, you don’t need it with all the bells and whistles. All you need is something that works and does the bare minimum. That’s the prototype you’ll be using when gathering a second round of feedback. You can continue to add features as you move along.

Go to market

Start moving as soon as possible. Whatever is new today might not be new tomorrow. Last thing you want is to work hard on something that’ll become obsolete before launch. Here’s where you start selling. These are the first people that’ll be your beta testers. They’ll be more forgiving and honest with you. Receive the feedback constructively and work on improvements. Once they see that you’re willing to listen and see an improvement in later versions of your product, they’ll become your most loyal fans.

Expansion and beyond

If things go according to plan, you’ve successfully validated your idea. If not, it’s back to the drawing board. That’s the life of an entrepreneur. Take a small risk in yourself and your ideas to gain the experience that nobody else can give you.

If you’ve validated your idea and have decided to start seeking funding, you’ll need to get your pitch deck ready. Take your presentation to the next level with us at Mad Creative Beanstalk. A professionally designed deck is what sets you apart and gives a good impression. Let us know if you need assistance at hello@madcreativebeanstalk.com