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one of the biggest mistake people do when starting to work on a new project is spend so much time a lot of time money as well working on their project just to lunge it and find out nobody really cares about it nobody wants it nobody is willing to pay for it I know because it happened to me and so on today's video I'm going to talk to you about what it means to validate your idea why it's so important and how to do it hey everybody what's up and welcome to another week of a Winston Fair where I'm sharing on a weekly base my progress and learning as an entrepreneur starting my own business and today I want to talk about validating ideas so here's a quick story a few years ago I'm around like maybe five years ago I worked on an app idea I thought it was gonna be a cool way to make passive income so I've developed an iPhone app for kind of like cool quotes that you would get like in the morning every day and like just a fancy quote app actually and I thought at least some people are gonna be willing to pay maybe $1 for that but turned out nobody wanted to download it even it was even though it was really nice design nobody wanted to download it and sure they didn't know how to pay for it so that was basically me wasting like five months of my life and I learned the valuable lesson of make sure people actually want what you're doing before you go ahead and do that and even though I feel like it's kind of a common advice in people starting out their own businesses it's still very very most people ignore this advice and don't do it because they kinda have the gut feeling that this is actually going to work I know that people are gonna want this but the truth I think the real truth behind it is that that they're so much in love with their idea and they don't want to face the opportunity because what if they're gonna turn out nobody wants this so they're not gonna do this they don't want to find out that the harsh truths and so they're like this is gonna work I know it or something like we'll deal with the marketing when we have the product because right now I can't really test this or something like this they basically make up excuses as to why not test the idea now there is a lot of ways to validate your idea which is you know putting some kind of a core at least you know a presentation of what you're gonna be working with showing it to people who might be your relevant audience and then seeing how they engage with it are they willing to sign up for something leave their email actually pay you before you actually do the work so those are some common ways to to validate ideas now after I learned this very painful lesson with the app that I designed and nobody wanted it when I actually launched my first online course the web formats class actually exactly a year ago I wanted to make sure that before I work on it people are actually going to buy it so the way that I did it back then is I basically made kind of an Instagram poll would you like me to build a course and like a hundred people voted for me to develop a course on web flow and I said so there's a hundred people and I you know on insert I did a poll on Instagram and you can literally see the names of the people who voted so I was like here's a list of 100 people who said they're gonna buy it so let me say okay I'm going to do this and pre sell it to them before the product even exists and if at least fifty percent of those people are actually going to end up buying that means they're serious and and they really want this so I've made an offer kind of like this I'm going to build this and sure it doesn't exist yet but I'm willing to give you a really lower price if you're willing to take the chance of trusting me and then you'll get a good deal and you'll have the product when it comes up in a month or two so this is kind of a basic way to validate your idea now one thing that I kind of went over pretty quickly but I think it's very important is you have to have kind of a metric or some kind of a goal to know if this is a you know fail or a win so in my case on the first course first course that I did it was fifty people right I had the list of a hundred people that I knew were engaged still I knew that I had somewhat of an instrument in this YouTube channel so I was like I believe that if I'll get 50 people that shows a little bit of demand obviously you know this is a pre-sale and not everybody wants to buy a product before it's out there but it will give me kind of a sense of feeling that some people are engaged with it and it's going to be worth my time hopefully and at least an A+ I'm gonna get some money down like before I actually do this so I'm a little bit like my investment is covered somewhat so that was my goal the problem if you don't have a goal is that let's say three people bought it or signed up for your thing like three is that shows that there's a lot of interest not a lot of interest so you have to obviously make the numbers that make sense to you but you need to have a goal because again once we get started our emotional side takes over and then we're like all three people it means there's hope if I would only do things a little bit different probably when I launched this I create a better sales page or whatever and the engagement is gonna be higher so 3 is good you know because you don't want to give up and I've already made it so I'm already invested in this so you need to have a goal before you get all involved in when you're a little bit let's say more calculated than unless emotional about this so back to last week when I was trying to again I said I want to create a new course this one is about web design and even though now I have an audience that's bigger than what I had last year now I have already paying customers that already purchased the web flow master class so I'm in a better situation to launch it I didn't want to be kind of like taking it for granted that the new idea for the course is going to work as well so I wanted to go ahead and validate it just the way that I did last time this time though I've decided to make this offer only to my limited you know group of current students so I didn't put this offer publicly on YouTube so basically I have a thousand students in my web flow masterclass students and I've made the offer only to them if you want to join you can do it right now at a discounted price and honestly and my goal for this was actually a hundred students so I was like if I can't sell to people who already bought from me who are happy with you know of course that they already bought for me if at least 10% of them are not gonna buy my next course I think that it's not such a good idea maybe perhaps even though 10% I feel is is a good number so I've opened up kind of registration for 48 hours and actually the response blew my mind so in less than 48 hours over 20% of the people have actually purchased the pre-sale to my next course and then I had to actually close it because I didn't want the the better group to be too big because I want to make sure that I can give attention to the early students and to work for them to develop the content but I felt like the response was phenomenal so for me that is like really an amazing signal that I'm working on something that is really interesting to my audience and people have demonstrated that they're willing to purchase it and also I think kind of like at least 20% repeat customers like customers who've bought from you and are willing to buy from you again I feel like that's a pretty good metric to work with so I'm very very happy about how things worked out last week I'm feel motivated and I feel like this have kind of a green light go ahead and work on this and now put all the efforts to make sure that this course is amazing because I know that people are interested in buying it so main takeaway do not ignore this advice or ignore it at your own peril parallel parallel they say whatever you know make sure that you really try to validate your ideas and validating again not is not presale is not the only way to validate your idea you can also do kind of like sign up to a list that will keep you updated on the progress there is multiple ways to validate even though pre-sell is kind of like if people are willing to put money that's like you know that's that's the best that you can have right they've already paid for the product so make sure you validate it so you don't end up wasting tons of time and money good luck and I'll see you on the next video [Music]