Validating Your Product Ideas

Level: Profit

If you’ve ever run a small business, you’ve probably had the “Ah-Ha moment” at every convenient and inconvenient time possible. Do you ever take the time to validate these ah-ha business ideas moments?

I once had an “Holy shit, this is the best idea I’ve ever had!!” moment while sitting in the dark during an incredibly terrible dinner theater production of “The King and I”. My immediate reaction was lean slowly towards my purse to get my notebook and pen.  I groped around until I found the notebook (easy part)…but just as my mind was working out the likeliest corner for a loose writing utensil…I made eye contact with the King of Siam. He knew. I knew. If I moved again, I might be forced to participate. 0_0  As soon as he broke contact to sing a rousing verse of…something or other, I slowly moved my hands back to my lap.  Book? Check Pen. Screwed.

I didn’t move a muscle for the next two hours…and my idea was long gone by the time I got back to the car.  *sigh*

Generally speaking, ideas are a dime a dozen.  Whether they are good, or bad, they come on like lightning creating a passion great than this monkey’s love for this pigeon.

validate your business ideas

AAAAAWWWWWWWW……

When the idea hits, it’s ALWAYS the best idea you’ve had…even though it might be the dumbest.

If you are a small business, you may not have a team of employees to tell you when you are being less than intelligent. You might NOT have someone who can talk to you off of the cliff. So how you do you go about vetting your ideas? How do you know which ideas are worth your time and which ideas should jotted down for a later date?

organized-challenge

Ideas are not cheap.  They cost a company both time and money…so having the willpower to to accept that your idea MIGHT not be “All that and a bag of Funions” can be one of the greatest attributes a small business owner has.

Sure, being impulsive can lead to success…but being smart THEN impulsive will get you there cheaper.  Below is my checklist for “Checklist: Vetting Ideas of Spectacular Potential”.

(And yes…that is what it is officially called. I think all business forms should have fun names and that describe exactly what they do. No more of this acronym crap.)

8 Day Product Launch Email Course

If you scroll all the way to the bottom, there is a downloadable/printable version for you as well! It even has TICK boxes!!  I love tick boxes.

DIRECTIONS:

First off, this process is only for ideas that will take more than a few days to build and market.  We are not talking blog post topics here people!  These are the ideas that will cost you both money out of your business bank account as well as time away from your already lengthy to-do list.

Secondly, don’t freakin’ do all three steps in one day!! The whole point of waiting 3 days is NOT that you can’t get this all done in one.  The point is that you need to really think about it. I can’t tell you how many times I’ve thought an idea was the bee’s knees, spend an entire day away from what I REALLY need to be working on in my business, only to wake up the next day and think “Seriously Terra?  Jesus…”

It’s ok if your idea sucks. Jot it down and move on with the work you’ve already established as being profitable.

Thirdly, don’t be afraid you will lose your passion!!! You won’t!!  I promise!!  If you DO you lose your passion for the idea, that is a clear sign that it wouldn’t have been profitable anyways!

Ready to start?

WHAT YOU WILL NEED: 

A very small notebook that makes you happy every time you pull it out of your pocket or purse.

A pen that writes like magic (some pens are boring and evoke only hatred from me).

Patience

The Checklist:

DAY 1: 

  • Write the idea down immediately.  Even if you are watching a horrendous dinner theatre production that is threatening to make you participate should you show your distraction for one more second.
  • How will this idea make your business money? (Answer in 5 minutes or less)
  • Does this idea tie into your company’s branding? (Answer in 5 minutes or less)
  • What kind of customer will be attracted to this idea? (Answer in 5 minutes or less)
  • Sleep on it.  After you have spent an hour (or less) jotting the idea down and getting excited over it…don’t touch it again until tomorrow.  Think it through.

DAY 2: 

  • If you wake up tomorrow and STILL think the idea is spectacular, spend another 2-3 hours really working out the details.
  • How much money will this cost you to make? Be sure to add material costs, calculated time, hosting costs if it is a digital product, etc.
  • What is your competition like? Has this product been built before by someone else? (It’s ok if it has!) How will you create this product differently?
  • How is your competition selling their product?
  • How much time will it take to (realistically) create your product?
  • Where will you market your product?

DAY 3: 

IF, after both days have passed and you are STILL obsessed with this idea…have at it!!

  • Start a Trello board, Google Drive folder, Evernote document, etc.  Really start building your idea from the ground up!  Take the information and time you’ve already invested…and begin.  🙂

8 daysto launch your product

8 Day Product Launch Email Course

I’ve LOVED LOVED LOVED hanging out with you guys…as usual.  If you’ve love this post, be sure to pin it, tweet it and facebook it…and leave a comment below!!! Peace out trouts, until next time!!!

Terra Dawn

comments that will give you traffic

Get more of me on:

Instagram

Facebook 

Twitter 

Previous Story
Next Story

You Might Also Like

12 Comments

  • Reply
    Lillith Black
    November 30, 2015 at 2:56 am

    Best vetting process ever! I’m such an shiny object person, I own every tool for every online idea there is! Definitely will try your way next 🙂

    Love your blog! (Pinned your business planner too!)

    • Reply
      workfromgnome
      November 30, 2015 at 2:59 am

      Yay!!! Thanks Lillith!!! High five for organization fiends!!! 😀

  • Reply
    Taish
    November 30, 2015 at 3:54 am

    I won’t tell you how many ideas I never write down. My brain is in overload right now due to graduate school. I will be implementing this plan next week. My business really needs it. Thanks for this resource.

    • Reply
      workfromgnome
      December 3, 2015 at 10:55 pm

      Rock on!! Go Taish, go!!! 😀

  • Reply
    Candice
    December 1, 2015 at 9:53 am

    your article is such an amazing resource.. thanks for sharing. I will definitely take many of your ideas and tips onboard!!

    • Reply
      workfromgnome
      December 3, 2015 at 10:54 pm

      Woo-hoo!!! Go girl!! As business owners and creatives, our brains tend to overfloweth with crazy. lol. It’s to get it all organized!!!

  • Reply
    Craig Page
    December 15, 2015 at 8:28 am

    Great ideas Terra. Even when it’s in your head sounding brilliant/bad you can never really know until you’ve got it on paper and it’s in front of you. Plan well and succeed.

  • Reply
    Rhonda Swan
    January 1, 2016 at 8:33 pm

    These are great tips on how to work through the ideas of your business. I like to get out in nature and go on walks to let the creativity flow. Keep up the great work and live unstoppable!

    • Reply
      workfromgnome
      January 2, 2016 at 6:27 pm

      Thank you so much Rhonda! I’m glad you found them helpful! 😀 Walks are definitely one of my ways to “get my think on” as well!

  • Reply
    Anja
    June 21, 2016 at 11:02 am

    Thanks for this article. It’s really all about take a night to sleep about it. Mostly I don’t have three days in a row to take time for my ideas, but when its still on my mind on the next weekend, I know I will do it.

    • Reply
      uncorkyourdork
      June 21, 2016 at 12:04 pm

      I’m so glad you liked it Anja! And you nailed it!! It IS all about taking a night to sleep on it!! If you jump into an idea without properly vetting it…you’re going to waste time AND money!

      Thank you much for stopping by!!

  • Reply
    How I Get Hundreds of Shares on Every Blog Post
    July 23, 2016 at 3:37 pm

    […] BIRTHDAY, BLOGGY BLOG!!!!!  I’ve written about SEO (oh love of my life), Social Media, Organizing Your Small Business, Writing the Perfect Blog Post…and […]

  • Leave a Reply