Entrepreneurs devote countless hours to an idea that they believe is a gold mine but in reality, nobody really cares about it. Before you start investing time and thousands of dollars on developing an idea, you need to know if there is even a demand for it. Validate your idea by following three key steps:
1 ) Ask around
Start with your friends and family and then ask potential customers. Be creative and try to gather as much input as possible from them. Ultimately, they are the ones who will make your idea successful. If prospect customers do see value in your idea, try to elicit more reactions from them. Why do they like it?, Does your idea facilitate or solve any of their needs or problems? If so, what do they gain from it? Let your customers do the talking. Listen! Sometimes customers may like your proposition for a different reason that you might expect and this may lead you to develop an improved or renewed one.
2 ) Project your future
The Blue Ocean Strategy Canvas has become quite trendy and not without a reason. This is a great tool to analyze your entire business proposal in a snapshot. The strategy canvas helps to bring clarity to the abstract part that is the strategy business side of a concept. Blue Ocean strategy is the simultaneous pursuit of competition differentiation and a lower investment of capital to generate a new market space and new demand. It is about moving into a new market reality where your typical competitors are either irrelevant or non-existent. To produce this optimal business scenario, you must first understand exactly how value is perceived by your potential customers.For more information I highly recommend reading the book: https://www.blueoceanstrategy.com/books/
3 ) Create a Pop-Up
Materialize your ideas, this should be made concrete right away. The reason why restaurant concepts almost never see the light of day is because they are kept in the mind of its creator. By giving your concept a name and a face, by making a drawing, creating a storyboard, or video you are bringing your idea to life. If you’re a restaurateur you’re an innovator. Learn to make things visual. As a restaurateur you will develop the skills to interact and connect with your customers at an emotional level. Great restaurant concepts are like legendary stories, their synopsis can be explained in only one or two sentences and often even in one key visual. Help your customers connect with your concept with all their senses.
By building a Pop-Up Store, you’re creating a MVP (Minimum Viable Product), a prototype of your idea. This is a great method to showcase your baby. It also allows you the opportunity to collect feedback and might lead to great ambassadors. A Minimum Viable Product is a great way to develop something valuable with minimal resources. Remember there is no such thing as a perfect concept, so don’t be shy and share it. Don’t hide it simply because it’s in its early stages. Put it out there and collect feedback. What is good about this concept? What can you add to or remove from it? How can you make it stronger? How are people responding to it? What do they like or hate about it? How are they interacting with it? Collect feedback and then go back to the drawing board.
These three steps should help direct your energy and resources in the right direction. If you need additional assistance reach out to experienced advisors who have already stood in your shoes before.
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