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The $100 MBA Show

MBA1105 Q&A Wednesday: How do I validate an idea for a niche subscription box business?

The $100 MBA Show

Omar Zenhom

Careers, Entrepreneurship, Business, Marketing

4.91.2K Ratings

🗓️ 3 October 2018

⏱️ 17 minutes

🧾️ Download transcript

Summary

The subscription box: it’s all the rage, as enthusiasts of all kinds sign up to get a fresh collection of hobby-specific goodies each month. But how specific can you get? How niche is too niche to sustain a profitable box-driven business?

Transcript

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0:00.0

Heyo! Welcome to the $100 MBA Show! Quick practical business tips to build your business every single day.

0:16.0

With our daily 10 minute business lessons for the real world.

0:20.0

I'm your host, your coach, your teacher, Omar Zenholm. I'm also the co-founder of the $100 MBA,

0:26.8

a complete business training, and community online.

0:29.6

And today's episode is a Q&A Wednesday episode. On these episodes I answer a question from one of you, one of our listeners.

0:35.0

If you have a question you want to ask, just email me at Omar at 100MBA.

0:40.0

I would love to answer your question right here on the show.

0:43.0

Today's question is from Dave and Dave asks,

0:46.0

How do I validate an idea for a niche subscription box business?

0:50.0

Dave is a very niche product idea.

0:53.0

Fly tying, which is the process of producing an artificial tie for fly fishing.

0:57.7

He wrote to me asking, how can I validate that this subscription box business for fly tying is something to the market actually wants and needs

1:05.8

I got to make sure that before I launch this business

1:09.2

Invest my time and money and effort that there's actually customers needing what I have to offer.

1:15.0

First of all, this is a fantastic question because it means that Dave's head is in the right place.

1:20.0

He understands that he needs to make sure that there's a market, that there's customers out there that actually want what his idea is in his head.

1:27.0

He's practical, he understands that just because it's a good idea to him, it doesn't make for a great business idea automatically.

1:34.3

He's got to make sure that there's enough people out there that want to buy what he has to

1:38.2

offer so he can make a business out of it.

1:40.7

So in today's Q&A Wednesday episode, I'm going to go into detail into Dave's

1:44.1

question, his situation, and how he can validate his business idea. Now even if

1:49.5

your business idea is not very niche like Dave's, this episode is going to be helpful because you're going to know how to take the steps forward

...

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