How to Validate Your Business Idea for Under $100 | Ep. #136

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Careers, Business, Marketing

4.6 • 1.3K Ratings

🗓️ 14 December 2016

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In Episode #136, Eric and Neil list and explain the different ways you can validate your business idea for less than $100. Validating your business idea does NOT have to be expensive and these two experts will give you the tools you need to confirm that your idea is a great one. Time Stamped Show Notes: 00:27 – Today’s topic: How to Validate Your Business Idea for Under $100 00:35 – Tim Ferris’ validation on the 4-Hour Work Week on Google AdWords costed $50 01:09 – Use tools like Google Surveys and Survata 01:36 – Post an ad in Craigslist 02:43 – Use surveys in person or in video to get feedback 02:56 – Keep trying to get the best results 03:31 – Check Reddit and Quora 04:37 – Go to the INC5000 list and see what other companies are doing 05:13 – Look for companies in the same industry as yours 06:11 – Research the problems companies in your industry are trying to solve 06:30 – Look at Amazon and Ebay, if you’re selling consumer products 06:43 – Check Flippa and FE International to see what new online businesses are being sold 07:01 – Look at your market using Google Trends 07:48 – Use the Keyword Tool, Google Suggest and Google Keyword Planner to figure out search volume 08:00 – That’s it for today’s episode! 3 Key Points: Use online tools available to you to find that validation. Talk to people about your business idea and gauge their responses. Look at the companies in your industry and find out what problems they’re trying to solve today. Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu

Transcript

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0:00.0	Get ready for your daily dose of marketing strategies and tactics from
0:06.8	entrepreneurs with the guile and experience to help you find success in any
0:11.4	marketing capacity. You're listening to marketing school
0:14.5	with your instructors Neil Patel and Eric Sue.
0:19.4	All right guys before we start we got a special message from our sponsor.
0:27.0	If you want to rank higher on Google, you got to look at your page speed time.
0:31.5	The faster your website loads, the better off you are. With
0:34.4	Google's core vital update, that makes it super, super important to optimize your
0:38.5	site for low time. And one easy way to do it is use the host that Eric and I use dream host so just go to
0:46.0	dream host or Google it find it check it out and it's a great way to improve your low time
0:51.3	Welcome to another episode of a marketing school.
0:55.0	I'm Eric Sue.
0:55.8	And I'm Neil Patel.
0:56.8	And today we're going to talk about how you can validate
0:59.4	your business idea for under $100.
1:02.0	So when I look at validating your business idea I always like to go back to the example of Tim Ferris and how he validated the four hour work week before it became a bestseller and what he basically did was he spent $50 on Google
1:15.1	AdWords just to test out the click-to-rate for you know different titles that you
1:19.0	had and then you know also engagement rates too so he basically you know
1:22.4	validated the book by using
1:24.4	Google AdWords initially and you can also do the same thing with Facebook
1:27.6	ads too and with Facebook you can also see how people are commenting and
1:32.0	you know are people sharing it or not and you can you know at least get some initial
	...

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