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Business Validation as a Service

Discussion in 'Ideas, Needs, Concept Feedback' started by Surge5x, Mar 14, 2019 at 9:29 AM.

  1. Jeff Noel
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    Jeff Noel Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I'll go prepare the popcorn for everyone.

    I really like the way you replied to everyone in this thread, while I'm still skeptical about the real value you can provide to entrepreneurs. I'll be watching for the sample report !
     
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  2. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Ok, I understand. To be honest anyone launching a business in the fields you have selected are not going to rely on a simple report. I mean realistically lets look at what you have on your website:

    Fintech

    - Payment Networks - Foreign Exchange- Regulatory Framework- Emerging Business Models

    If I'm going to start a new Paypal, do I need a $500 report? Someone who is going to be in the business of a payment network going to be super experienced in banking, credit cards, finance, etc...

    I probably need a some $100k consulting.

    Transportation
    - Ride Sharing - Energy Infrastructure - Public Transportation- Shipping & Trade

    Ride sharing? If someone is going to do anything in this space, they will need much more validation than a report. Energy infrastructure and public transportation? I can't think of a scenario where someone would come to a website like yours for data.

    None of the businesses above are started by a first time entrepreneur.

    This is just my opinion on this.

    Now if I were to do a business like yours. I would do an ecommerce idea validation business where you pay me $500 and I'd discuss the pros and cons of your ecommerce product, determine if it's viable for Amazon FBA, discuss your value proposition and your plan to market it. It would be easy because I have the knowledge and can do it myself. I would have alot of case studies and testimonials to back it up. I'd put all of this on my website and it would be easy to drive this very specific traffic to my site. I'm also targeting my first timers so $500 is within the proper range.

    I think you should be niching down your offerings much more to specific areas of your expertise.
     
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  3. Surge5x
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    Surge5x Contributor Read Millionaire Fastlane

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    Hey everyone, following up on Merging Left's excellent suggestion, I have gone ahead and prepared the report on his idea (Sleeping pods at JFK). Before you all tear it to shreds :), a few pointers:

    1. Usually the first step in the process would be to have a 30-45 minute chat with the client to understand how exactly they are seeing this business idea and asking some questions to help narrow down the focus. For the purpose of this trial run, I've taken a few assumptions in the report which you guys may / may not agree with. Just a heads up!
    2. As Merging Left pointed out in an earlier post: This service is probably not aimed at seasoned entrepreneurs such as most people in this forum. I've had some time to think about it and I tend to agree, I see this more as a research note that helps frame the initial idea and compiles the best available market data for someone to decide whether or not they want to proceed with this business. I agree that execution is infinitely more important than an idea, I'm just hoping to provide more clarity on said idea.

    And as always, really appreciate everyone here taking the time to give me feedback.
     

    Attached Files:

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  4. Surge5x
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    Surge5x Contributor Read Millionaire Fastlane

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    Hey sorry for not seeing this earlier. And yes biophase, I think what you say has a lot of merit. These are industries with massive incumbents and a small research report is not going to allow them to launch a business.

    That being said, do you see value in a service that undertakes the initial research to see whether the client even wants to pursue such an opportunity?

    Nonetheless, thanks for pointing that out; I ought to change up the messaging to manage expectations.
     
  5. mardybum
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    mardybum New Contributor

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    Isn't the job of the potential founder to do exactly what you have done? How do your clients get any new insights?! You basically only provide information that is common knowledge.

    Why don't you offer a different kind of service? E.g. the creation of a valid business model (e.g. Business Model Canvas; Every time in a fixed scheme)? This would provide a little more value. But its just a thought!
     
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  6. Surge5x
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    Surge5x Contributor Read Millionaire Fastlane

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    Fair point man, but having worked with early stage entrepreneurs for over 3 years now, it’s surprising how many of them don’t know how to do it properly or simply don’t do the research diligently.

    But thanks for your suggestion; I’ll have a think on it
     
  7. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    The app I'm currently working on automates most of what you've listed. Coming in June.
     
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  8. Surge5x
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    Surge5x Contributor Read Millionaire Fastlane

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    Wow! As in the process of collecting the data and consolidating it? Would love to hear more and be a potential alpha tester if you’re ok with it.
     
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  9. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    I'd be happy to have you involved in the beta, since the alpha is being done with a small in-person group in a couple weeks. I can't spill too many details just yet, but I think our ideas are different enough that we aren't direct competitors ;)
     
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  10. Surge5x
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    Surge5x Contributor Read Millionaire Fastlane

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    Sounds good and good luck!
     
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  11. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    Likewise! I look forward to seeing where your site goes.
     
  12. Jeff Noel
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    Jeff Noel Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I loved the last parts of the report. Although for that price, I felt like it cut short. I can't tell what's missing, but I feel like there should be an ending, perhaps offering connections/details with related services linked to the report or possibility to gain more insights on specific elements of the report, like you did for the airport space rental ?
     
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  13. Surge5x
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    Surge5x Contributor Read Millionaire Fastlane

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    Jeff thanks for taking the time to look it over! When you say it cut short do you mean some sort of takeaway was missing? Like when you finished it, you were like "hmmm, ok now what?" - If that's the case then maybe I could also include a "Next Steps" section that lays out what the immediate next 3-5 tasks should be for the entrepreneur?

    And it's interesting that found the last parts most helpful; the majority of my time on this was spent getting reliable and accurate data for the terminals (you'd think it was easy for an airport like JFK!).

    I didn't mention this in the earlier post but during the initial call with the client I ask them which parts the business they need the most help on - in this case if it was actually approaching the airports - I would have dug deeper in to it and provided a list of agents, brokers, contacts in these businesses to make the process easier.

    Again, thank you so much for the feedback! I'm going to continue to iterate with the new clients I've signed on this week and post some more polished up samples here which incorporate everyone's feedback!
     
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  14. Jeff Noel
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    Jeff Noel Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    That would be great. I would also add a footer with some contact information to keep in touch with you at the end - Just in case the entrepreneur takes a look at your report again a couple of months later and wants to contact you again.
     
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  15. Surge5x
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    Surge5x Contributor Read Millionaire Fastlane

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    Very valuable. Thanks man!
     
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