Business Idea Evaluation
To analyze in-depth your idea or business. Ideal for consultants and startups.
- Steps
- 19
- Last edited
- Mar 2, 2022
- Created by
- Nova
About this process
This tool is ideal to create a detailed report of your current business or your business idea. Use this tool before developing any products or a marketing strategy. You will analyze and understand your idea or business in-depth and it will provide you and your team information about how you should approach sales, marketing, and product development. We recommend using this tool with your team and discuss all the concepts and questions with each member. We also recommend using a discussion tool like "The six thinking hats" or "Roles" to ensure the discussion flows and everyone understands their role. Important: You will NO be using a 🖊whiteboard during this session. Visual Alternative: Business Analysis Board. This tool will help you mostly to define your business in-depth.
The process in detail
19 steps- 1
Who is the target average prospect?
- 2
Empathize with your audience.
- 3
Evaluate and define the problem or pain.
- 4
What if...
- 5
Proposed Solution or ideas.
- 6
About you.
- 7
Why do you want to solve this problem for people?
- 8
The product or solution (the idea).
- 9
Benefits of the Solution
- 10
The concept of time and gratification.
- 11
Explore the solution further.
- 12
Custom solution or General solution.
- 13
How does your solution work?
- 14
Immediate need.
- 15
Competitors.
- 16
Other products.
- 17
Damaging admission.
- 18
Testimonials or Case studies.
- 19
Re-Define your business or idea (Optional).
Read the full text
1. Who is the target average prospect?
Define your target customer persona. Be very specific, as if it were ONE person. Gender, education, employment, family. Identify what it is about them that makes them destined to have the problem you aim to solve.
2. Empathize with your audience.
What do they hear, what do they say, what do they see, how do they feel?
3. Evaluate and define the problem or pain.
What is the nature of their specific problem? Physical, mental, emotional components? Answer the following questions. When do they actually experience the problem acutely? How often do they suffer? How long, What amount of time/money is wasted by the problem? Why can't they solve it themselves? Why ISN'T it their fault ie. What's their excuse for having this problem? Why does this problem happen to them vs others? How have they tried to solve the problem and failed? This has to do with things they thought to try themselves. It also has to do with competing solutions. Give them the 'full menu' of solutions that don't work.
4. What if...
What if they could solve it, what would life be like? Show them the possibilities of a life without suffering. Show them the reverse of all the things we identified above.
5. Proposed Solution or ideas.
What is your solution? What is the physical nature of it? What is included?
6. About you.
Who are you to have solved this problem? What are your unique circumstances? Why were you, specifically, destined to be the person who solves this problem?
7. Why do you want to solve this problem for people?
Why do you want to solve this problem for people? What is the story behind why you created this product or service? What was your inspiration? How long did it take to make, at what cost? What have you discovered since making it?
8. The product or solution (the idea).
What is your solution? What is the physical nature of it? What is included?
9. Benefits of the Solution
Why has each component of your product or service been included? How does each benefit the prospect?
10. The concept of time and gratification.
When can they solve the problem once they get it? Is it an instant solution? Will they have to put extra work into it? Are the benefits something that lasts forever or not?
11. Explore the solution further.
Where else can they use the solution? Where will they gain benefit beyond solving the specific problem? Mirror this to the ripple effect discussed above. Does your solution have multiple applications?
12. Custom solution or General solution.
Why is your solution the best available for your specific audience? How does it stand out among all other options? How is it not just better, but the only smart solution for these particular prospects?
13. How does your solution work?
Physical function. How you plan to satisfy the prospect. Resources, equipment, tools needed.
14. Immediate need.
What if they don't get your solution now, what would happen? Call back the negative aspects of the prospect's side.
15. Competitors.
List of other known competitors.
16. Other products.
List of related products you do not offer that a prospect might use alongside yours.
17. Damaging admission.
The reasons not to get the product or service? What doesn't it do, that the prospect might be expecting? Think of reasons customers have chosen somebody else's product over yours. Please list as many as possible. Don't hold back, because addressing these is important. (These can often be used to create an advantage for the product in prospects' minds, and also to create trust)
18. Testimonials or Case studies.
Other "Proof" You may have. You can use this list of common proof elements for inspiration. Any way that you can go out and CREATE the proof elements above if you don't already have them? Eg. Write an editorial-looking ad in a popular newspaper yourself, become affiliated with authorities, write a story/meaning/ philosophy for your business, request testimonials/case studies, create a new wing of your business to specialize in certain things (specialization is especially important), etc.