If you’re reading this, it means you’ve come up with a wonderful company concept. I’d like to congratulate you. You worked hard on your project, but in order to effectively launch your startup, you must work around the clock. The first step should be to validate your business idea.
“The bridge between reality and dream is work.”
We’ve seen too many of our clients, that invest tens or in some cases hundreds of thousands of dollars into fancy apps or some other tools that turn out to be not wanted by the market. That leads to extreme amounts of bad emotions and often in founders just letting their hands down and stopping trying to find other great ideas.
You may question what defines the validation of a business idea. In a nutshell, it is the process of putting your idea to the test in the actual world before launching a product, service, or website. This first step will statistically speaking, save you large amounts of money and time. Not only that, but it will determine your targeted audience, competition capability, and most importantly if it is worth developing your product.
But how you should do it? First and foremost, do not panic. The most important thing you can do is seek advice from a research firm. There are numerous market research firms for startups and midsize enterprises whose primary goal is to assist you in successfully running your own business. Hiring a market research firm is the best way to ensure your future success. These firms usually use sophisticated tools and analytics software that early startup founders are not able to afford.
A top market research firm must be customer-focused. UniCamel agency is one of them. We are a digital agency that works in numerous sectors: information technology, education, lead generation, marketing strategy, and business development strategy.
Avoid the crucial mistakes
Launching a new product without first validating it is a recipe for disaster. According to UniCamel marketers, the earliest processes of running a business – such as testing the idea, producing an MVP (Minimum Viable Product), generating a USP (Unique Selling Proposition), rushing through social media, and so on – are quite important in the business. You won’t be successful if you don’t complete your homework, just as in real life.
In this article, We’ll go over 5 of the most important reasons to validate a company idea. To begin, let’s take a deeper look at these factors.
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1. DECREASE THE RISK OF STARTING WITH THE WRONG IDEA
It’s easy to become obsessed with your idea. It’s a good idea, and the world needs to hear it. However, there is something about the gloomy process that can alter reality and wreck a good effort. You’ve been so involved in this concept for so long that you’ve lost the ability to criticize it. Business owners believe his concept is flawless. Nonetheless, it is not yet perfect. Furthermore, when you present your defective product or service to the market, you are unlikely to have the time to improve it.
2. IDEA VALIDATION ACCELERATES THE DEVELOPMENT OF A VALUABLE PRODUCT IN THE MARKET
You have no idea what reaction your clients will have from the start. Validating a business idea allows you to determine whether there are any flaws in your concept that could result in a large return, discount, fix, or substitution cost.
3. CUT BACK THE COSTS
Remember, the more you invest in idea validation, the less you will miss out on during the launch phase. The confirmation of an idea does not ensure the success of your startup. However, it provides you with a unique opportunity to determine whether you are investing your time and money in a viable firm. Do you wish to develop a product or service that will not have demand or customers?
4. VERIFY THAT YOUR IDEA IS IN HIGH DEMAND
You never know when you’ll be inspired to make changes to your product. With the idea validation, it will be easy to forecast. It can help you come up with fresh highlights, discover benefits your product offers that you were unaware of, or advise you to adjust your packaging, price, or other aspects.
5. CHECK IF YOU ARE ABLE TO SELL THE PRODUCT
You will develop items or services that will solve problems that your target customers are experiencing. And you must understand exactly what they require as well as their pain areas because you can lose clients no matter how amazing your products are. The benefit of business concept validation is that it demonstrates to you the needs of your customer base. Before launching a startup, you must define the needs of your potential clients.
I truly hope that this will impact your mindset on taking the right action and making the right decisions. Here at UniCamel we believe, that one of the most important trait of a founder has to be risk management, and this the first step to take for the company – Edvinas
Blog Author
Edvinas Rakickas
MAIN AREA: PROJECT MANAGEMENT
Edd is the one that will ask the right questions and find the answers 
. Innovative solutions is the name of the game, and with broad experience at Fintech and Startups 
Edd is a wonderful addition to the team and company evolution.
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