In Episode #136, Eric and Neil list and explain the different ways you can validate your business idea for less than $100. Validating your business idea does NOT have to be expensive and these two experts will give you the tools you need to confirm that your idea is a great one.
Time Stamped Show Notes:
- 00:27 – Today’s topic: How to Validate Your Business Idea for Under $100
- 00:35 – Tim Ferris’ validation on the 4-Hour Work Week on Google AdWords costed $50
- 01:09 – Use tools like Google Surveys and Survata
- 01:36 – Post an ad in Craigslist
- 02:43 – Use surveys in person or in video to get feedback
- 02:56 – Keep trying to get the best results
- 03:31 – Check Reddit and Quora
- 04:37 – Go to the INC5000 list and see what other companies are doing
- 05:13 – Look for companies in the same industry as yours
- 06:11 – Research the problems companies in your industry are trying to solve
- 06:30 – Look at Amazon and Ebay, if you’re selling consumer products
- 06:43 – Check Flippa and FE International to see what new online businesses are being sold
- 07:01 – Look at your market using Google Trends
- 07:48 – Use the Keyword Tool, Google Suggest and Google Keyword Planner to figure out search volume
- 08:00 – That’s it for today’s episode!
3 Key Points:
- Use online tools available to you to find that validation.
- Talk to people about your business idea and gauge their responses.
- Look at the companies in your industry and find out what problems they’re trying to solve today.
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