Is it Time to get Feedback on my Business Idea?

You’ve developed your killer business idea, you’ve been checking out the competition and assessing the need for a business like yours. Now, it’s time to get some feedback on your idea.

Some people feel they should keep their new business idea locked up and hidden away in case anybody should steal it. Others hold a fear that they may throw the idea in to the water, only to find that it can’t swim. But, getting feedback is a necessary and essential part of developing your business idea. It is time to take the plunge. 

Why should I get feedback on my business venture?

Allowing people to interact with your product or service is a paramount part of any new business venture. It will give you a gauge of how the general public are likely to receive your new business. And, if they like your idea, they may be first in line to buy your product or service; you’ve found your very first customer! 

You’ve spent weeks, months or maybe even years developing your business idea. It’s now time for an objective input. Joe Bloggs isn’t likely to be influenced by personal feelings when considering the usefulness or value of your product. You may not realise how protective you have become over your growing business plans. 

Letting somebody trial your product may highlight it’s failings, but don’t let this dishearten you, this is exactly what you need before you launch your product! This allows any issues or flaws to be ironed out before you start selling.  

Where can I get feedback on my business idea?

Keep an eye out within your industry for any exhibitions, trade shows or conferences that may be happening. Industry events are a great opportunity to assess the other products and services currently on the market, it will also give you a chance to chat to industry professional and gain an insight into whether or not they could need a product or service like yours.

Non-industry specific networking events also offer a wealth of insights, opinions and contacts. Making business contacts is invaluable, whatever your industry. Networking will help to get the word out about your new business venture, and you may meet a future collaborator or customer. Further down the line they may in call on you to give a spotlight talk on your business journey. While you’re still in the development stages of your business, networking events can be a great platform to discuss ideas with individuals from a broad number of industries.

Social media can be a great place to seek feedback. If you already have a following you can conduct polls, ask questions and share images. This may be tricky if you do not already have an engaged following or are not ready to share your product or service. In this case you can use it to scout around the social media pages of other businesses within the industry, and any of these with a similar products. This will allow you to suss out the type of interest the industry is generating. As well as identifying how they may be failing or succeeding by reviewing feedback and comments from customers.

If you want to a forum to conduct entirely unbiased market research, you could cheaply and easily conduct a survey using a number of online platforms. This will allow you to gather data and feedback from a variety of impartial people. You could also try gathering a focus group to see how they interact with your product, and gain feedback on their opinions of it. 

For advise on your business idea email hello@fabgroupco.com.

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