Exploring an idea

Where to begin

• Describe the customer and the problem in one sentence. List alternatives they already use and what would make yours useful.

• Speak to potential buyers before spending on stock or a product. Ask about their existing behaviour, not just whether they like the idea.

• Set a small budget and a date to review what you learned. Estimate the price, costs and time required for a first sale.

Decide what to test

Choose one assumption that would make you reconsider the idea, such as whether enough customers have the problem or will pay a workable price. A small test might be a sample, a conversation or a trial offer. Record what people actually do, the cost of the test and what you will do differently if the result disappoints. A positive conversation alone is not proof of sustained demand.

Before investing, compare the price you can realistically charge with materials, transport, time and other costs. An idea can be useful to customers but still need a different delivery or pricing model to sustain the business.

Go deeper

• Choose a business idea
• Test an idea with little money
• Check whether it can make money

Choose more stages and concerns