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5. Validate Your Online Business Idea

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You’ve done great work narrowing down your list of potential online business ideas!

In this video, you will choose two of your ideas.

You'll test to see if they have the potential to become a successful business.

This is called validation.

It’s important because it helps you decide if your idea has the potential to be successful.

Validation requires thorough research and honesty when assessing the pros and cons of your idea.

Begin by adding a section to your brainstorming document called “Idea Validation.”

Format the heading, so it stands out from the rest of your text.

Consider your first idea: Does it solve a problem or fill a need?

What are the pros and cons?

How will you get feedback and measure success?

Do you have competition?

Do you have the time required to make it work?

How will you source materials or find goods to resell?

Open a new tab in your browser, and navigate to google dot com.

Enter your first idea in the search field.

Then browse the search results and find the answers to your questions.

Once you’ve researched and answered questions about your first idea, do the same for the other business concepts.

When you have completed your research, consider everything you included in your brainstorming document.

Weigh the pros and cons of your various ideas; narrow down the list; and decide on the best online business idea for you.

Now, it’s your turn: Add a section to your brainstorming document for Idea Validation.

Conduct an internet search to validate each of your favorite business ideas.

And based on what you discover, determine the best idea for your online business.

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Instructions
  1. Add a section to your brainstorming document for Idea Validation.
  2. Conduct an internet search to validate each of your favorite business ideas.
  3. Based on what you discovered, determine the best idea for your online business.