Idea validation is the
process of testing and validating your business idea prior
to launch. This could be the testing and validation of
a product, service, business name, website, etc. The
object is to get feedback from consumers before committing
enormous resources to developing the idea.
You've probably heard
stories of people who spent tens of thousands of dollars on
their startup idea before knowing whether or not it has
market acceptance. It is wasteful to spend thousands
of dollars getting a trademark, patent or developing a
product before knowing whether or not consumers are willing
to buy it.
Hence, it is important to
test and validate your idea before taking out a 2nd mortgage
on the home or squandering the family fortune.
Testing and validating the
idea is not an expensive proposition. There are many
ways that you can approach this task without going broke.
The methods listed below are some of the most cost effective
ways to test and validate your business idea.