How to start a business online?
If you have an idea and are going to invest in it by building a website, a SaaS product, or an application, this is how you can reduce the investment risk in a few steps.
- Research Market
- Search online or on social media. get as much data and information as possible to have a clear perspective of the target market.
- Analyze competitors
Once you grasp what is happening in your market, build your identity by working around your unique selling proposition to position your product in the market.
- Seek feedback
- Reach out to your potential users and professionals.
- Create a demo of your ide by list it on validation websites such as versionzero.io.
- Build a Minimum Viable Product
An MVP is simply a version of the actual product with the minimum features possible for users to utilize the core of the business. After making sure that your product has enough demand, you can invest more in that by creating the MVP.
After going through these steps, now it’s time to decide with more data and information in hand. You have a more clear path to decide whether you should invest more time and money in your idea and expand the MVP, or you should just simply shot it down.
This is the toughest step. Especially in the case of discontinuation. On one hand, you already made an emotional connection to your product and on the other hand, you learn that it might not work.
If you decide to move forward with the idea, expand your MVP with the features that address the unique value proposition.
Do not spend 80 percent of your time and money focusing on just 20 percent of the goal. Do the loop again and evaluate while progressing.