• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 40,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

5 seconds to validate your idea

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

  1. Scot
    Offline

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

    Messages:
    2,482
    Likes Received:
    10,840
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $50,579
    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.
     
    Raoul Duke, Jeff Noel, Bekit and 90 others like this.
  2. Patrick R
    Offline

    Patrick R Shwizzle Shwazzle Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    95
    Likes Received:
    161
    Joined:
    Sep 11, 2016
    Gender:
    Male
    Location:
    Maine
    Rep Bank:
    $990
    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
    Offline

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

    Messages:
    2,482
    Likes Received:
    10,840
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $50,579
    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.
     
    Wolfman, Eskil and Patrick R like this.
  4. WebMedic
    Offline

    WebMedic Your Web Specialist @ WebMedic.com Speedway Pass

    Messages:
    70
    Likes Received:
    117
    Joined:
    Sep 13, 2016
    Gender:
    Male
    Location:
    Malaysia
    Rep Bank:
    $931
  5. Scot
    Offline

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

    Messages:
    2,482
    Likes Received:
    10,840
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $50,579
  6. AlphaWulf
    Offline

    AlphaWulf Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    64
    Likes Received:
    92
    Joined:
    Aug 8, 2016
    Gender:
    Male
    Rep Bank:
    $522
    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.
     
    YoungBroward and Scot like this.
  7. amp0193
    Offline

    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,205
    Likes Received:
    9,544
    Joined:
    May 27, 2013
    Location:
    United States
    Rep Bank:
    $47,716

    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
     
    Raoul Duke, THR, Magneto C and 4 others like this.
  8. Scot
    Offline

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

    Messages:
    2,482
    Likes Received:
    10,840
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $50,579
    I didn't even think about that...
     
  9. YoungBroward
    Offline

    YoungBroward Contributor Speedway Pass

    Messages:
    52
    Likes Received:
    91
    Joined:
    May 15, 2016
    Gender:
    Male
    Rep Bank:
    $499
    this is really gonna help, thanks!
     
    Scot likes this.
  10. Torobaro
    Offline

    Torobaro Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    96
    Likes Received:
    119
    Joined:
    Mar 30, 2016
    Gender:
    Male
    Location:
    Spain
    Rep Bank:
    $669
    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
     
  11. Scot
    Offline

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

    Messages:
    2,482
    Likes Received:
    10,840
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $50,579
    And taking all your money to do it too.
     
  12. Action Mike
    Offline

    Action Mike Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    50
    Likes Received:
    63
    Joined:
    Nov 9, 2016
    Gender:
    Male
    Rep Bank:
    $351
    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
    Offline

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

    Messages:
    2,482
    Likes Received:
    10,840
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $50,579
    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
    Offline

    Action Mike Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    50
    Likes Received:
    63
    Joined:
    Nov 9, 2016
    Gender:
    Male
    Rep Bank:
    $351
    0
    Makes sense, thanks.
     
  15. sam9530130
    Offline

    sam9530130 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    67
    Likes Received:
    122
    Joined:
    Dec 29, 2016
    Location:
    Canada
    Rep Bank:
    $749
    Great resource to validate/look for ideas. Thanks
     
    Scot likes this.
  16. Jay7
    Offline

    Jay7 New Contributor FASTLANE INSIDER

    Messages:
    1
    Likes Received:
    1
    Joined:
    Aug 15, 2017
    Gender:
    Male
    Location:
    Atlanta, Ga
    Rep Bank:
    $31
    Great share. Thanks!
     
    Scot likes this.
  17. Fred Chevry
    Offline

    Fred Chevry Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    206
    Likes Received:
    525
    Joined:
    Sep 27, 2015
    Gender:
    Male
    Location:
    Miami, USA
    Rep Bank:
    $1,035
    Exactly what I've been looking for. Gracias!
     
    Scot likes this.
  18. Steve F
    Offline

    Steve F Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    92
    Likes Received:
    104
    Joined:
    Sep 14, 2017
    Gender:
    Male
    Location:
    Canada
    Rep Bank:
    $740
    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.
     
    Thomas Chauvet and Scot like this.
  19. Wolfman
    Offline

    Wolfman Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

    Messages:
    157
    Likes Received:
    114
    Joined:
    Nov 12, 2017
    Gender:
    Male
    Location:
    Pittsfield, MA
    Rep Bank:
    $460
    Scot, The site was really helpful. It led to ideas and other ideas...So you started a brainstorming waterfall. Greg
     
    Scot likes this.
  20. ShellShock
    Offline

    ShellShock Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

    Messages:
    51
    Likes Received:
    47
    Joined:
    Jun 14, 2018
    Gender:
    Male
    Location:
    Bucharest
    Rep Bank:
    $267
    This site is also a good way to access information pertaining to your business, or processes that make it up. Want to improve your advertising? Search for consumer insights/ psychology journals and magazines. Own a gardening business? See if you can find information regarding the gardening business that can improve your own.

    Thank you for this thread Scot.
     
    Scot likes this.
  21. DeepScripted
    Offline

    DeepScripted Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

    Messages:
    17
    Likes Received:
    22
    Joined:
    May 27, 2018
    Gender:
    Male
    Location:
    Denver, Colorado
    Rep Bank:
    $114
    Scot,

    Thanks for sharing this website. I'm researching product and business ideas and this can be a very good start to direct my efforts in the right direction. @Scot, I see this thread is a bit older - do you think this is still the best resource for research? If yes, what's the best way to use it? I'm thinking to get the monthly membership and archive the information first - or do you think getting the annual membership is worth it?
    Thanks for sharing this jewel again! :)

    Regards,
    Adam
     
  22. Scot
    Offline

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

    Messages:
    2,482
    Likes Received:
    10,840
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $50,579
    I honestly never dove that deep into the website. It was more of a validation tool for me. How much do you think your business will rely on this type of data to get off the ground? Would your time and money be better spent just talking to potential customers?
     
  23. DeepScripted
    Offline

    DeepScripted Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

    Messages:
    17
    Likes Received:
    22
    Joined:
    May 27, 2018
    Gender:
    Male
    Location:
    Denver, Colorado
    Rep Bank:
    $114
    Thanks for the quick response, Scot! :)

    I was thinking to use this website to find a niche product or business idea. So, honestly I would using it has a brainstorming tool rather than validating an idea. Do you know of any other resource which could be more helpful, if not this? :)

    Regards,
    Adam
     
  24. Scot
    Offline

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

    Messages:
    2,482
    Likes Received:
    10,840
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $50,579

    Oh man, that’s opening a whole can of worms when it comes to finding your industry or niche. There are whole books written about this topic.

    Here’s what I’ll say though. Bra thing a website like this, trying to find an industry that looks promising, probably won’t be the best method for succeeding. The reason I say that is because, say you find out that elevator repair shops are a bigger industry than you thought it wise and you want to pursue that. What do you know about elevator? What do you know about elevator mechanics?

    I find it’s better to find an industry or niche that you at least have some basic knowledge or experience. Just observing your surroundings, problems you have at your day job, problems you have in your daily life, those will find a niche that you can speak with some authority on.

    Here’s my first progress thread for reference. EXECUTION - First time entrepreneur, here it goes!

    It’s not long, because it didn’t go anywhere. But I used this tool and said, “wow, there are a lot of barbershops!” But I didn’t know a damn thing about how barbershops were run, how barbers made their money, etc.

    Just some things to consider...
     
  25. DeepScripted
    Offline

    DeepScripted Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

    Messages:
    17
    Likes Received:
    22
    Joined:
    May 27, 2018
    Gender:
    Male
    Location:
    Denver, Colorado
    Rep Bank:
    $114
    Scot,

    Thanks for the feedback. I’ll look into your progress thread. Appreciate your feedback, and good luck with your endeavors:)

    Regards,
    Adam


    Sent from my iPhone using Tapatalk
     
    Scot likes this.

Share This Page