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Article: Test Out Your Idea

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Test Out Your Idea

Getting feedback on a fledgling idea might feel scary, but it's importance cannot be underestimated.  Very often others will see strengths and weaknesses that you may have overlooked. The wider the range of feedback, the better.

For example, if you wish to start a store that carries a special line of sporting clothes for women, you would naturally speak with female athletes and other retail store owners.  However, you may also want to interview with groups outside of your target market, such as women who would like to become more physically active, or perhaps men who buy gifts for women.

Remember also that although large markets mean potentially higher sales, specialization can also be very profitable.  The key is choosing a largely untapped market segment.  Getting feedback from different types of people will help you to see your business in a whole new light and allow you to make adjustments to make your business appeal to the largest audience possible. You might consider doing a small-scale "trial run" of your product or service.

Don't be frustrated by negative feedback. Although positive feedback boosts your confidence, it won't necessarily help your business. Constructive criticism indicates weaknesses and areas of untapped potential.

There are many different sources of feedback on your business idea. Your family and friends can give (sometimes brutally) honest feedback in addition to being excellent guinea pigs for your new product or service. Business owners, professors, lawyers, and accountants also can provide invaluable perspective for your business. On the government end, the Small Business Administration (SBA) offers free help to entrepreneurs in most areas of the country. They will help you with your business plan and provide consulting from their small business advisors. Use the SBA and put those tax dollars to use!

In short, suck the marrow out of every possible resource you have. While briefing others on your idea, you may even find a few interested investors, partners, employees, or customers along the way.