Episode #136
How to Validate Your Business Idea for Under $100
December 14, 2016

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:

  1. Use online tools available to you to find that validation.
  2. Talk to people about your business idea and gauge their responses.
  3. Look at the companies in your industry and find out what problems they’re trying to solve today.

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