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What are some good ways to research a potential business idea?

jmod

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Aug 29, 2019
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What are some good methods you have used in the past to research a business idea?
 

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jmod

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Aug 29, 2019
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Talk to potential customers of the business, and see what they say.
Thanks, this is always a good one. I'm thinking more of data analysis? Tools that you can use to investigate the behaviour
 

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All kidding aside, have you tried MJ’s new website yet?

 
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Rabby

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You said business "idea" so I'm not sure how much data you have. One thing you can do is look for same / similar businesses in Business Reference Guide, and Business Valuation Blue Book, or similar publications. BRG in particular has useful insights because they have specialist business brokers writing about businesses they encounter in the wild. Plus all the numbers you might expect, like valuation methods, multipliers, EBITDA ranges, etc. often they'll have "things to look for" that are opportunities or potential weaknesses. All that stuff is there ti inform someone who is buying or selling a business, but it's just as useful if you're creating one.
 

ProcessPro

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Go to google keyword planner and search up the sort of terms a customer would search if they were interested in your value offering. Use those data to get an idea of the demand for your offer.

Ensure you use terms with buying/hiring intent.

E.g. If your idea is to sell art brushes made of goat hair, search 'buy goat hair art brush' etc.
 

RazorCut

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MJ has a new website?! Link?

Very useful tool to critique your idea against the CENTS formula.

Some good examples and discussion here:

 

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Kevin88660

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Build a MVP if it is a product based business.

If it is service based I think depends on your personal attribute like skills and network.
 

ProcessPro

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Go to google keyword planner and search up the sort of terms a customer would search if they were interested in your value offering. Use those data to get an idea of the demand for your offer.

Ensure you use terms with buying/hiring intent.

E.g. If your idea is to sell art brushes made of goat hair, search 'buy goat hair art brush' etc.
@Andy Black Thanks for the like Andy. I actually learned that from you! Useful strategy!
 

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OP
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jmod

New Contributor
Aug 29, 2019
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Go to google keyword planner and search up the sort of terms a customer would search if they were interested in your value offering. Use those data to get an idea of the demand for your offer.

Ensure you use terms with buying/hiring intent.

E.g. If your idea is to sell art brushes made of goat hair, search 'buy goat hair art brush' etc.
Thank you! Using search terms is a great idea.
 
OP
OP
J

jmod

New Contributor
Aug 29, 2019
5
6
11
You said business "idea" so I'm not sure how much data you have. One thing you can do is look for same / similar businesses in Business Reference Guide, and Business Valuation Blue Book, or similar publications. BRG in particular has useful insights because they have specialist business brokers writing about businesses they encounter in the wild. Plus all the numbers you might expect, like valuation methods, multipliers, EBITDA ranges, etc. often they'll have "things to look for" that are opportunities or potential weaknesses. All that stuff is there ti inform someone who is buying or selling a business, but it's just as useful if you're creating one.
Thank you, this is great information! I currently dont have much data, just some google keyword planner results
 

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