4 steps to test your online business idea - concept - millennial entrepreneurship

Do you have a great business idea ? If you do have one, then I guess you most probably can’t wait to give it a try. You probably want to immediately set up your website, get ads for your idea ready, and start making good money from your concept right?

The burning desire to make your idea succeed is awesome. However, you might want to decelerate just a little bit.

Not to freak you out or discourage you but before you put your money and effort into your business idea, you have got to test it out because succeeding as a new business is not easy as it may seem. On average 4 out of 6 small businesses survive the first two years, 2 of the 4 survive for five years, and only 1 stays up and running for 10 years. So if you want your business to last, then you really need to be prepared before you start.

So how exactly should you test your business idea? Let’s start with these 4 simple steps.

#1: Hold Onto Your Business Idea

When your awesome business idea comes to you, you may think to yourself that it’s the most brilliant concept ever at the moment. However, if you just hold on for a few days or weeks, your concept might start to change. You may need to tweak the name of your business, the angle at which you choose to target your market audience or the idea as a whole.

Don’t just jump into building your business immediately. Give your concept sometime to really sink in, think about it for a few weeks and make sure it truly is as awesome as you first originally thought it was, otherwise it may not lead you to the success you desire.

#2: Build A Prototype

Building a prototype and testing it is another way to see whether you will potentially make sales. Whatever your product may be, building the simplest version of it could help test and see whether your audience will buy it or not, it also gives you the opportunity to test it.

#3: Test Your Business Idea

If you truly want your business to prosper, you must test your idea. Not taking the time out to do this simple step will directly put you at a disadvantage in the business world. You have got to test your concept and see how it will be of value to the marketplace and to your audience as well.

Related: Business Ideas and How To Find Them

#4: Get Honest Feedback

Without feedback, you will not be able to evaluate how your product will succeed in the marketplace. You have got to get feedback on your product or idea, otherwise it would be pointless. It could turn out that it is fine as is or you will have to tweak things to make it more appealing to people.

Make sure you have people that will be honest and critical about your idea, this will help let you know if your product will appeal to a few members or most of your targeted audience.

Related: How To Deal With Negative Feedback

That’s it! Make sure to wait a while, then build a sample of the product or prototype, test it and finally, get honest feedback on it. Taking the time to do these four things will give you a greater chance to succeed in your online business.