Test Your Business Idea

You have this great idea but don’t know if it will make money. In the book, My Personal MBA by Josh Kaufman, he explains how to test the viability of a business before you put much money into it.

He gave the example of a yoga studio.

1. Create a website with details of your business including schedule, space, teachers, location, types of classes, membership fees etc. Sign up members to a 12 month membership on the site. Users have the option to cancel within month so this way they don’t feel locked in. This cost a few hundred dollars.

2. Marketing to bring people to your website  using flyers, door-to-door direct mail, local search engines.
3. Track-how many people sign up on your website at full rate or that request additional info.
This is the short version. You can read his full version at: http://book.personalmba.com/minimum-viable-offer

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