One of the hardest decisions to make as a founder or entrepreneur-to-be, is whether your product idea is viable. Founding a startup takes time, money and dedication. The short-term payoff is minuscule, but long-term, it could change your life.
For this reason, it’s not something anyone should jump to lightly. But how do you know if you should pursue your product idea, or leave it as simply that, an idea?
Identify the Competition
You can take the phrase ‘keep your friends close and enemies closer’ pretty literally here. One of the most important places to start is to check out who you’re up against in the market. What are they doing well, and what could they improve on? If you have a direct competitor with active users, you are safe in knowing that your product has a market and that people will buy it.
Remember, whilst healthy competition exists, there is such a thing as over-saturation or when to be aware of your competitor beating out the competition. For instance, Apple and Samsung will likely never receive ‘real’ competition from a new smartphone company.
Conduct Market Research
So, you’ve identified the competition. Now it’s time to dig deeper into the market. Take a look at the best methods and platforms used to optimise exposure and ensure your startup will be on the right course for success.
On launch day, you want your product to already be at the forefront of your audience’s mind. You don’t need the extra pressure of finding your market post-launch, as failure is almost always the outcome of this. Researching the market beforehand and getting your name out there will give you a bigger advantage.
Test Your Product
I’ve discussed previously, how building an MVP will help with both market research and user interactions. It’s also a great way to test your product, and discover what works and what doesn’t.
Another important way of validating your product on the market, is a proof of concept. However, it’s not plain sailing, and you’ll likely encounter pushback from enterprises willing to invest in the proof of concept acquisition process. If you do encounter an investment opportunity, grab this and utilise it to maximum efficiency, as it is a validation of your product being a viable solution.
4. Join a Programme for Product-Based Startups
If you’re unsure of whether you have a viable idea for a product, one of the best things you can do, is call in the experts. Maybe you have a fantastic product idea, but are unsure of how to get it off the ground? Or maybe you have the foundations of an idea, but are unsure where it should best take you? For those in the early stages of a startup, you should look into programmes such as Kick-Off to eliminate your worries and prepare you for the startup journey.
Kick-Off is a 6-week journey for tech founders to validate their ideas, gain clarity on their core audience, develop connections, and implement the processes to build a successful tech product. The course provides founders, entrepreneurs, and business leaders with the tools they need to embark on a successful startup journey.