104: Validating Your Business Idea [PODCAST]

How to find out if you have a good (profitable) idea for your business

There are ideas, and then there are opportunities. How do you find out if your business idea is a true winning opportunity or a dud? In this podcast, Anthony Witt and I help you find ways to validate your business idea, connect passion to profits, and find significance along with revenue.

validating your business idea

“Validating Your Business Idea” by Todd Quackenbush is licensed under CC BY 2.0

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Validating Your Business Idea – Quick Notes from the Podcast

  • Passion is not enough when it comes to business. You have to have skills and a viable market.
  • However, skills can be developed or hired and a market can be found, but we cannot create passion.
  • Many new business owners fall in love with their ideas and yet fail to do their homework.
  • Over 60% of startups (in the US) never make over $25,000 per year.
  • Doing an opportunity analysis tells you if you have a viable and sustainable business.
  • An opportunity analysis consists of 1) determining the size of the market, 2) getting a percent of the market you can hit (start with less than 5%), and 3) determining the potential revenue per year by multiplying potential sales (from 1 and 2) by-product or service price.
  • You have great ideas within you, but you are likely blinded by the obvious. (Or as I like to say, you are blinded by your own genius.)

 

Interesting Facts About Business Startups

  • Over 543,000 new businesses start each MONTH in the US alone
  • Over 50% of small businesses are based out of homes
  • Over 75% of US businesses are solopreneurs (no employees)

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