5 minute read
MONEY AND BUSINESS
Have an idea for your dream start-up?
Validate your ideas before you move to execution
Did you know that 85 per cent of start-ups fail in their first six months due to inadequate idea validation? Propelled by the excitement of starting a new business founders move right from idea to execution, and rush into website development, logo and design, technology set-up, etc.
What needs to happen is a very detailed and measurable validation process. Here are a few ways I have validated my ideas before turning them into successful and profitable companies.
1. Google Trends & Keywords. This free tool can help you look for data on potential customers. Who is already looking for your solution? How often are they searching for answers? Looking at trends and keywords also helps with future website and SEO plans.
2. Start-up sites, incubators and accelerators. Using websites like the beta kit, angel.co or producthunt.com, you can research competitors that are also startups but may be ahead of you in the market. I also routinely check start-up listings from local and global incubators and accelerators for competitors. These resources will help to ensure you know your competition, their service offering, company size and other details.
3. Act “as if”. Pretend your business is already up and running and start to pitch your potential customers on your service. Will they buy? Can they validate your assumptions? Is your product or service priced for the market? Acting as if you are already in the market is a great way to get close to your customers and fill up your sales funnel before launching. I advise start-ups to have at least 100 prospects ready to buy before going to market.
One mistake I see too often is validation with friends and family. This is the riskiest method! Your friends and family will either blindly support your ideas or might not know enough to provide correct advice. They are often not your ideal customer, so it will be hard for you to get proper feedback. Don’t rely on this type of validation!
Finally, as you validate your idea, focus on the values of your product or service and not features; for example, at my start-up Schoolio where we provide affordable online home education, our values for customers include time-saving, lowering stress and affordable education. We conducted our validation that “if we created feature X, it will then help ease customer values X.”
I have followed the same steps on my own journey to get to our first 100 customers and our first 100k in sales.
While building a new start-up is one of the most challenging career choices you can make, it will also be life changing.
Sathish Bala is a serial entrepreneur with 25+ years of experience in the field of digital marketing, operations management and product development.
Tips to protect yourself from financial fraud
Simple steps you can take to reduce the risk of becoming a victim
Did you know that one in five Canadians say they have been a victim of some kind of financial scam or fraud?
Over the last 15 months, Better Business Bureau (BBB) has seen growing scam report numbers in investments, employment, cryptocurrency, advance fee loans, pyramid schemes and credit repair /debt relief. Data collected from the BBB Scam Tracker suggests that Canadians who are under financial strain are more susceptible to scams, especially if the invitation promised financial rewards or an opportunity to get out of debt. Low household income ($50,000 and below) was significantly associated with engaging and losing money in a scam and those who lost money were significantly more likely than non-victims to show signs of financial insecurity.
Victims shared similar traits like spending more than their monthly income, no emergency savings and significant amounts of debt, and reported not being able to come up with $2,000 if faced with an unexpected need or emergency within the next month. Individuals struggling financially because of the COVID-19 are at an even greater risk.
Keep track of your money. Make a budget to help you to stay on top of your finances and manage your debt. Do not borrow more than you can afford. Frequently review your bank statements and monitor your credit report. If you are a victim of identity theft, shared any financial and/or personally identifiable information on an unsecured website or with a stranger, or unwittingly purchased from a fraudulent online retailer, place a “fraud alert” or “freeze” on your credit file.
Only borrow from trustworthy, recognized
institutions. Have proper identification and licensing. Research the business on bbb.org to see what other people have experienced. If you are being asked to pay in advance for things like debt relief, credit and loan offers, or mortgage assistance, walk away. In the case of payday loans, local payday lenders and payday loan brokers must have a valid payday lender license for their province.
Stay informed about financial scams and
frauds. Knowing about specific types of scams and understanding the general tactics that scammers use can help you avoid becoming a victim. Last year, 30 percent of persons who reported a scam to BBB said they did not lose money because they knew about the scam.
Guard your personal information. Never reveal sensitive financial information to a person or business you don’t know. Scammers will sometimes impersonate a retailer, financial institution or government agency to trick you into sharing information. If you receive a suspicious call or email and are concerned about your account, contact your financial institution. Other steps to avoid financial fraud include creating strong online passwords, avoiding public Wi-Fi when banking online and shredding documents with sensitive information.
Karla Laird is senior manager, media & communications at the Better Business Bureau serving Mainland British Columbia. Learn more at bbb.org.
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