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5 seconds to validate your idea

Discussion in 'Product Creation, Inventing, Importing, Sourcing' started by Scot, Sep 13, 2016.

  1. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    We see this weekly on the forum.

    "Hey guys I'm new here, I had a great idea to sell widgets to custom picture framing stores!"

    Then we get the inevitable analysis.

    "Well based on research, custom framing is being take over by craft stores like Micheals and Joann Fabric. There are only 1,200 operating in the country. If you could sell 2 widgets to, 10% that's only 240 widgets. I don't think your market is there."

    Save yourself the headache of coming up with your billion dollar idea then finding out a market simply doesn't exist. Visit https://business.highbeam.com/industry-reports

    You can get a good overview of the market you're targeting for quick validation. If it passes this quick litmus test of simple numbers, then you can move on to more in depth market research and validation.


    We see it time and time again. VALIDATE before you execute. There are plenty of current and former Fastlaners who made this mistake, learn from it so you can save yourself time and money.


    *disclaimer: I do not own or have any connection with that website. It is simply a tool I used to evaluate the market for my business. I found it through Google search.
     
  2. Patrick R
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    Patrick R Shwizzle Shwazzle Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Hey Scot,

    Thank you for posting this! It's been a massive headache for me doing hours of looking, per idea, when a large chunk of the information I am looking for is right here! I appreciate the share!
     
    GoodShakers and Scot like this.
  3. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Glad I could help! There are a few sites out there that do industry/market analysis, but I really liked this one. It's a quick way to test out an idea.
     
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  4. WebMedic
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    WebMedic Your Web Specialist @ WebMedic.com FASTLANE INSIDER Speedway Pass

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  5. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Great addition, thanks!
     
  6. AlphaWulf
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    AlphaWulf Contributor Read Millionaire Fastlane

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    Thank you for posting this. This will save me the trouble of putting my heart and soul into something, only to find out that it was doomed from the start.
     
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  7. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I love that link.

    Look at all these business avenues that I didn't know existed and are probably ripe for opportunity.

    I'm going to be digging through there for fun tonight
     
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  8. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I didn't even think about that...
     
  9. YoungBroward
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    YoungBroward Contributor

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    this is really gonna help, thanks!
     
    Scot likes this.
  10. Torobaro
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    Torobaro Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Thanks! great tool

    Also and just on a side note I recently read a quote by Steve Blank where he said market research firms and industry analysts are great at predicting the past, not the future
     
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  11. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    And taking all your money to do it too.
     
  12. Action Mike
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    Action Mike Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Great link, thanks for posting it.

    When looking at data like that do you use certain %'s or numbers to determine if it is a good prospective overall market?
     
    Scot likes this.
  13. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    It depends on what you're selling. It's a game of multitude vs magnitude. But a good way to assess it is, could I survive with only 1% of the market? If not, you may need to either find ways to increase revenue per customer or find a better market.

    Keep in mind, rough numbers like this are only a small step to evaluating the market. You still need to establish a demand for your product.
     
  14. Action Mike
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    Action Mike Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Makes sense, thanks.
     
  15. sam9530130
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    sam9530130 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Great resource to validate/look for ideas. Thanks
     
    Scot likes this.
  16. Jay7
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    Jay7 New Contributor FASTLANE INSIDER

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    Great share. Thanks!
     
    Scot likes this.
  17. Fred Chevry
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    Fred Chevry Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Exactly what I've been looking for. Gracias!
     
    Scot likes this.
  18. Steve F
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    Steve F Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Bumping an old post here, but followed a link in @Scot 's signature, which led me to an excellent highbeam article; and also, you reminded me to go back to Josh Kaufmann's excellent book. Thank you! I read so much I sometimes overlook the good, simple stuff.
     
    Scot likes this.
  19. Wolfman
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    Wolfman Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    Scot, The site was really helpful. It led to ideas and other ideas...So you started a brainstorming waterfall. Greg
     
    Scot likes this.