Everybody has their own Billion Dollar Startup Idea in mind which they want to build as a Business. But to do this one needs good Market knowledge, Business Experience, Investment or Capital & the right team to execute the idea into real business which most of us are lacking. Also, they are facing difficulties in validating their idea in the market whether the product or the service which they have planned to launch is really having a market potential or not. To do this most of the entrepreneurs will take a single route which is developing an MVP (Minimum Viable Product) and releasing it in the market to see the traction for their Idea. This is a good way but eventually, it will also burn your cash which is saved for a long time to start your Business.
In this blog, I’m going to explain how to validate all your Startup Ideas before building an MVP or spending Huge money and also under the budget of Rs.5000/-.
List your Ideas
The very first step you need to do is open a new excel sheet and list down all the startup ideas which you have in your mind. You can add as many as possible and later modify the list based on the final results.
Buy a Domain (Cost – Rs.500-1000 Approx.)
A very fun-loaded and exciting step in creating any Startup or a Business is Giving an attractive name to it. As you are going to do this activity just for the analytics purpose it is not necessary for you to spend more time choosing the best name. You can just give any random and decent name relevant to the Product or Service you are going to offer.
Once you have finalized names for your Startup Ideas the next step is to book a domain name. You can book a Domain using Godaddy or any Domain Registrar as per your preference for a minimum tenure.
Design a Logo
Every Business needs a Logo that connects the customers and creates a Brand Value for your Product or Service.
I suggest you to make a simple and attractive Logo for the name you have chosen using Freelancer, Fiverr, or Upwork where you can get many Freelancer who is ready to design a logo at a very affordable price and you can get the deliverables within a day or two.
Build a Landing Page (Rs.0 for DIY or Rs.1500 for Freelancing)
If you are a Techy you don’t need to spend for this step as you can develop a simple Landing page on yourself but if you don’t know to code or how to build a Landing Page then you can go to any Low Code or No Code Platforms like WordPress, Wix or even Godaddy is offering a website Builder feature where you can just Drag and Drop things and create a Landing Page.
Make sure you have an email subscription feature within this Landing Page to collect Customer Emails.
Define your Startup Idea
Now you have almost completed the process. This is an important step where you need to do it honestly and you have to be very Transparent because this is going to decide your Final Results.
Create a piece of content that will define your Startup Idea to place on the Landing Page. To keep things precise you can explain about
The Problem You are Trying to Solve
The Solution You are going to Offer
If you have any Sample Screens you can display that too
Once this is done you are almost created a Miniature version of your Startup Idea.
Advertise your Landing Page (Cost – Rs.2000-3000/-)
Now it’s time to Promote your Idea and see how many people are getting excited or interested in your Product or Service.
You can use 3 Platforms to Promote Your Landing Page
Start with a minimum Budget as per your preference and create a Campaign for 1 or 2 months.
Measure your Metrics
This is your final step where you can see the results of your campaign. Based on your budget you may have received interest from your prospective customers. Having that on hand you can approximately calculate the number of tractions if we increase the Marketing Budget. If it shows a positive sign for you then you are on the right track. You can very well go invest money in building an MVP for that Startup Idea. If you are not seeing a positive sign then the idea might not be a market fit or something you are missing there. Kindly rework on the same and repeat the process until you get confidence that this Idea is embraced by these many people with X amount of marketing Budget.
By following the above steps you can validate any startup idea with a minimum budget that too within 2 weeks of time if executed properly. Hope this article helps you in finalizing the Idea for your startup journey. If you need any help please do reach us @firstname.lastname@example.org or Contact +91-7092969091.