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  • #1000581
    heylouise
    Participant
    • Total posts: 86
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    Hi soloists,

    I have an idea for something I’d like to do on the side for extra income in addition to my main activity.

    My question: What are some good ways to test out the viability of your business before you’ve gone ahead and registered/set up all the things you need to? I am expecting my project to take a while to earn money anyway.

    So far I’ve looked at keyword research and Google Trends.

    If only there was some kind of magical simulation I could run to see it all working!

    Thank you in advance for your help.

    #1224841
    Chris-K
    Participant
    • Total posts: 21
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    Hi [USER=79034]@heylouise[/USER]

    My advice would be to test out your idea on potential customers to see what problem you can solve for them. Talking to potential customers is the best way to see if your idea has potential.

    Do all of this before you start will also give you a better idea of whether you need to modify your idea or not.
    Best of luck

    #1224842
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
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    Search for the term MVP or minimum viable product.

    Do small, low cost experiments as much as you can to gauge if there is any interest in the market.

    Good luck.

    #1224843
    bb1
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    Have you done a business plan,

    #1225371
    [email protected]
    Participant
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    wwoow i really like this blog thans for share this

    #1234957
    ilearnandDesign
    Participant
    • Total posts: 1
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    Have a look into MVP – minimum viable product. This concept supports all the other suggestions in this thread, and will help you create micro-experiments that give you feedback quickly. Think of it as selling solutions to your customer rather than a subscription, and it will keep you focused on what they’ll use/need.

    There is a Udemy course that serves as a good basic intro to the concepts:
    https://www.udemy.com/course/mvp-masterclass-minimum-viable/

    #1235022
    Tom Valcanis
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    • Total posts: 25
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    A great formula for figuring out profitability is Delta 4. You ask people how your product/service would help them solve their problem and rate it out of ten. Then ask them about the current solution and have them rate it out of ten. If the difference is more than four, you have a unicorn idea on your hands. Think of the gulf between booking taxis by phone and Uber when it first came out. Your idea doesn’t have to be a four, but it should be at least a two to have real legs.

    I sell words because my words sell. Copywriter at I Sell Words - 0417120749
    #1235024
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
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    A great formula for figuring out profitability is Delta 4

    Sounds a little too techy to me Tom.

    Other elements, especially having a decent sized market looking to solve that problem as well as making sure they are willing to pay an amount that will make you a profit, seem at the very least as important.

    Uber and AirBnB both opened in times when people were looking to save a dollar and other people were looking to make a dollar.

    So timing is also key.

    I don’t want to invalidate your thinking, just add to it and provoke more!

    #1235067
    The Hobbit
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    • Total posts: 309
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    Although written for Tourism the principles and concepts in this eBook can be applied to any potential enterprise.
    how to conduct a feasibility study

    #1235711
    James Millar
    Participant
    • Total posts: 1,739
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    We built a great little free online tool to help score your businesses readiness. 15 questions culminate to a score out of 100 with some scales to indicate where you are at. Might help you https://360partners.formstack.com/forms/business_readiness_score

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
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