Determine the amount of money and time you are willing to invest in this test. Figure out who you will target, excluding family and friends.
- Now, in order to test whether or not…that business opportunity actually works,…we're going to create the Business Validation Micro Plan.…In the worksheet that you've downloaded,…you'll see an example, this is for…a mobile dog washing service.…In this video, I'm going to cover just the first half…of that business validation plan.…First, we want to state the opportunity,…in this case, it's obvious,…it's a mobile dog washing service.…Next, we want to talk about the period of time,…in other words, the period of time…that we're going to allow ourselves…to take to evaluate this.…
We want a clear start and stop time…and not drag this test on for months and months.…So in this example, you'll see June 1st and August 15th.…Next, let's consider the budget,…both in terms of time and money…because both are valuable to us.…How much are we willing to spend to test this?…How many hours can you invest?…I recommend, again, that you limit how much…you're willing to invest.…This is just a micro plan, not the full business.…
Next, we want to target the most likely customer profile.…
- Recognize effective an ineffective starting points for finding new business ideas.
- Differentiate between business ideas with opportunity factors and those without.
- Break down how demand relates to choosing a business idea.
- List some of the resources you should assess before beginning a business.
- Explain what proprietary advantage is and how it can benefit your business.
- Summarize the benefits of creating a micro business plan before you invest money in your idea.