How to Tell if Your New Business Idea Will Work

by on May 25 2018

It can feel pretty devastating when you put a lot of heart and soul (not to mention time and money) into starting a new business, only to find out it’s not going to work the way you’d hoped. Here’s a way you can figure out if your idea is likely to succeed without going through all that.

101 Comments

  • Jason Daly says:

    Researching the validity of your “BIG Idea” and competitive research isn’t a particularly sexy task and is often overlooked by many entrepreneurs, especially new marketers but it is an absolutely critical part of the process!

    If you don’t do the research how will you know how to serve your audience.

    Great video with some very important points to note and I hope people do take notice!

  • Awesome video Jeff ,yes I want next video about this topic.

  • Rod Gibbons says:

    YES! I’m VERY much interested in further information/lectures about how to learn if my product/service idea is highly viable . . . or not?
    Cheers — Rod

  • Gus says:

    Yes! Tell us more about your strategic thinking 😉

  • Beatrix Willius says:

    Sounds like the beginnings of a new product! Very interesting stuff.

  • Rastislav says:

    Hi Jeff!
    Great video and very relevant topic. Certainly interested in know more about this.

  • Steve Etherington says:

    Hi Jeff and everybody. I just wanted to say you that all you say in this video is the truth.

    And that’s why I’ve purchased PLF training and I’ve been to the PLF live in April 2018 to Phoenix Arizona.

    6 years ago I’ve made the exact mistake as you say in the video. I’ve choose the wrong and baddest business model for my website. That’s mean the most bigger part of my website revenues come from ads and you can’t make a living.

    But lucky I’m, I collect email address and have some email list. I have also identify now the best and the most popular topic and research who drive people on my website. Now I’m on my way to change my business model. My new goal is to launch a product and stop the ads model income.

    Thanks a lot Jeff for your help.

    PLF IS GOING TO CHANGE MY LIFE FOR SURE.

    STEVE from France

  • Sara Fimiani says:

    Jeff,
    Excellent info ! I continue to be given valuable tools for developing my business from you!
    Sara Fimiani

  • Hi Jeff, Great info at just the right time for me. Thanks so much. This comment is for the first of the four.. Now I am listening to interactive designing product. This was an idea I Knew but I would have forgotten and forged ahead alone. Now I will be tuning everything.

  • Steve Ree says:

    Incredibly useful. Thanks

  • Linda Gray says:

    Thank you Jeff. I’ve been playing with an idea that I’m very passionate about and your research strategies have inspired me to take the first real step in building my business!

  • Such a valuable lesson. Thank you.

  • Donna says:

    Love this…would welcome additional information…the next steps.

  • Tom Gose says:

    Good ideas Jeff. I’ll be researching a topic soon based on what you suggested.

  • Mike Cooper says:

    Jeff- Your best applicable, empirical and useful message you have given from your heart and product launch super mind! Very simple and masterful. Like most great works a Zen teacher allows their student to have constant and consistent success comes from the fire hose of authenticity of who you are and about. Teachers learn, give and serve their students the most with 1 successful stoke practiced 1,000 times, not 1000 different strokes only practiced 1 time.
    Jeff -God Bless you and yours every heart beat and breath. Well done my friend!
    Coop- PLF Alumnus

  • Great ideas to see who the main players are and how they are doing. Thanks

  • Jason says:

    Hey Jeff! Would love to hear you talk about what to do when you have learned the playing field. Would you suggest different strategies if your market has mostly hobbyists versus some real professional players?

  • Carmel Finnan says:

    Very useful video, Jeff. Please do more on this topic!

  • Hi Jeff, I found your information on Will your Idea Work very interesting, especially how and where to do research to find players in our fields hot buttons.
    Thank you.

  • Petra says:

    Hi Jeff,
    thanks for this interestion insights, I’m very interested to hear more of this.

    Best regards,
    Petra

  • Hope Butler says:

    This was a very helpful and timely video. I am in this stage of business research and your research idea were very helpful

  • Jeff Cook says:

    Thanks for that pep talk. It’s very easy getting caught up in everything you want to do when starting out marketing your product. There always seems to be this desire to skip over the basics to get where your going, I have found myself doing this and realize it does not work. If you don’t do the ground work, the basic research, you can spend a great deal of time going nowhere.

    This information is very useful, so please, keep it coming!

  • Ian Bond says:

    Incredibly valuable analysis. I know I speak for many who would love to hear you go a couple of layers deeper.

    Thanks Jeff for terrific content.

  • Kristen says:

    Hi Jeff,

    Yes!! I’m very interested in this topic. I have an idea, but I’m not sure if it’s a good one. So this was a very helpful video and I’m going to do the research/steps you lay out here. Thank you!!

  • Awesome advice yet if it’s a huge market and people in that market don’t know how to market and I do, then it seems I should have a great advantage. Of course if those big players aren’t open to learning how to work with me in jv relationships or other partnership options I wouldn’t be able to piggyback off their audience. If the ppc costs are sky high that could hinder my startup too in building my email list with paid traffic. I really am glad I purchased your PLF book. It showed me how to get in tune with my niche.

  • Stan Sanders says:

    Good insight, I look forward to the next phase video
    Thanks
    Stan

  • Dan says:

    Hi Jeff, I’ve been listening to your videos for many years and enjoyed them all. I have to say this one is possibly one of the most important yet for where I’m at. I took your seed launch course 3 years ago and have been working since on developing my own product/site. While I didn’t skip the step you outlined this morning, I certainly didn’t approach it as thoroughly as you describe. So YES… more please. I was so disappointed when it ended. I want so badly to know more… So the scenario you described would seem ripe for your family member to be successful in. Is that right? Please continue the story.

  • Margie says:

    Hi, Jeff. Thanks for this new video. Yes! A whole follow-up series with next steps would be great!!

  • Robert Duval says:

    Excellent coaching session Jeff. Watched a second time and took some great notes. If people will look back into history the first Internet crash and the businesses that were destroyed were pretty much based on the advertising revenue. I worked for a reasonably sized telecomm in those days and watched a lot of these business startup and fold within a few months. It just a matter of time before this model crashes again. Certainly looking forward to more videos like this.

  • Greg Poulos says:

    Great advice, Jeff! You look good, too 🙂

  • Hi. Always love listening to you. Thank you for your direction. My market is predominantly a Jewish market. Within that market, I teach 2 things. Firstly how to pray. The prayers from the Jewish prayer book. I also teach people who want to study the Talmud, the decision-making system of the Talmud. So, I want to be a hero to people who want to connect with God, who want to expand their perspectives, either through their intellect (Talmud) or through their heart (Prayer). I’m a PLF member. Thank you again.

  • David says:

    Great video Jeff. Thanks for the reminder that we need to be doing the research and what the market wants, not just what we want.

    I’d love to see more posts on this!

  • Mel says:

    Hi Jeff,
    Thank you, very valuable advice 🙏 🙂

  • Jeff Great and timely video. I have been thinking about changing up a commodity business but I do not know if it will fly. I’ve done a small amount of “looking around google” to see if anyone is also doing it and have only found 2 people trying this out. Your idea of checking out the other sources ie utube , instagram etc. is great. Comparing the views to to understand the size of the market is a great idea. I will be doing that soon and look forward to hearing about the next step in this process of understanding if you have a viable idea!

  • Rodrigo says:

    Hi, Jeff, excellent topic! How do you compare an “big idea” for a digital product with its not digital competitors? Let’s say an online course with a regular course?

  • Bob says:

    Dang – this is a tour d force

  • Chris Swan says:

    This is awesome Jeff. Great plan of attack. Would love more on this topic! Thanks!

  • Well done, I would need to repeat many times to myself what you are saying.

  • This video is incredible. I know exactly what to do this morning. I love research, and your suggestions are spot on. Please do tell us more about this kind of process!!! I just discovered a very dynamic website doing PLF in my very market – inspiring teachers to rethink the way they do business in their classrooms. I panicked. But now I see how this validates my work. I need to find out who else is out there. My emerging abundance mindset allows me to remember that there is plenty of business out there for all of us. Thank you!

  • sally says:

    This video was VERY helpful!!! Please do more!!!

  • Jill says:

    Incredibly helpful, Jeff. Would love to know next steps! Thank you!!

  • Great video, Jeff. Extremely helpful. Best eight-minute coaching session I’ve ever had. Thank you for getting to the heart of the matter so quickly and providing over-the-top value. Much appreciated. Casey Demchak

  • John says:

    Awesome. Research isn’t sexy and it’s not necessarily fun but, it’s crucial to success. Thanks for sharing your strategies.

  • Terry says:

    Great content. Some of this is what I’m telling my clients. I definitely want the next video to check that I’m giving sound advice.

  • Clem says:

    Jeff, yes please continue on this thread.
    This video was packed with great stuff, greatest 8 minutes of guidance on the subject ever — you rocked this one.
    Just fantastic thanks Jeff!

  • Tiffany Cooper says:

    Hi. Admitted step skipper here. I didn’t do Enough research (out of fear of doing too much & getting bogged down). I wasted months & months in Instagram only to later do my research & realize it’s the absolutely worse place for my business. Lol! D’oh! I abandoned course & found YouTube & Blogs to be my best use of marketing time & $$.
    Listen kids- listen to Jeff. I heard him say this before & I didn’t listen! What a waste of time. Don’t make my mistake! Research!

  • Thanks for giving away this valuable content and strategy, Jeff. (Some people sell it!) Yes! I would love to hear your views on the next steps.

  • Julie says:

    I’d be interested in hearing practical tips to avoid becoming overwhelmed by all this research.

  • YES- to more steps, please!

  • Rhonda Kositzky says:

    Thanks Jeff….
    yes! more, more. more.. 🙂

  • Great video, Jeff! Please share more videos like this – thank you so much!

  • Toni says:

    Great video! You’ve talked about how important it is to research the market, but this video teaches us HOW to do it. Yes….give us more content on the “how to” behind the “what” we need to be doing. Thanks, Jeff!

  • Katie says:

    This was one of the most instructive videos I’ve seen you do and the first one I’ve ever commented on. Really fantastic! I’d love to hear about the next step, especially about how to gain authority in a market. I also would love to know what kind of research results would indicate that you may have a bad idea. THANK YOU!

  • Anja says:

    Awesome Jeff. Love your videos! Thank you!!!

  • andre says:

    Hey Jeff

    Thanks for the video. Whats the next step after that 🙂
    Thanks

  • Jeff, outstanding!!! Please more videos just like this… Thanks Darnell

  • Joe Emmet says:

    Jeff,

    You have a knack for bringing people back to basics. Always useful to get re-grounded.

    Would love to know YOUR next-level thoughts — please drill down deeper

  • Kalen says:

    Fantastically valuable Jeff – “wish I’d had this” before I spend MONTHS developing an online business that went nowhere.

    Yes, please DO another video on the next step. And then another… 🙂

  • Mike McGrath says:

    Sometimes awesome is simple and straight forward — great insight and clarity — you must be a great coach

  • Well said and great hypothetical example. What I liked most were the action suggestions. Thanks Jeff

  • Kerryn Wayow says:

    OMG…Pure Gold!! in my humble opinion.

  • Bob says:

    Superb. More on research please!

  • joe scoglio says:

    Excellent Jeff. Very timely for me and some others who I’ll be helping with their businesses.

  • Jeff Gunther says:

    Yes, Jeff, in about 8 minutes you covered a lot of valuable information on how to quickly research a new business niche — would love to hear more!

  • george kapousidis says:

    I liked that video.

  • Tyler says:

    Great video. Practical wisdom. Thanks Jeff!

  • Very interested in this topic. Enjoyed your video. Yes, more please!

  • Jeff Saville says:

    Jeff, This is one of your best… An amazing recap of how to approach a new business idea. Thanks, Jeff for continuing to push our this great content, so helpful. Thank you!

    Jeff S ~ Durango CO.

  • David Price says:

    Very useful. Please do a follow-on video.

  • Love the advice on “research your market “

  • Gloria Hamilten says:

    Yes, please, more of these types of videos. I can’t believe all the research that has to go into choosing a niche and then how to siphon the information, that’s the part that really got me. I would never have known that except for this video. It’s almost daunting the work requited. But, hey, Rome wasn’t built in a day, as the saying goes.

    I need to watch this multiple times.

    I’m so glad I’m part of your “family” and can receive this type of information. Many thanki, Jeff.

  • You are right you blasted through the story Might yo have a check sheet handout for downloading?
    The research step is basic so one can find out what to say , how to say it and what to expect regarding revenue
    More info would be great Jeff

    Regards
    Frank Clemente
    I sell face to face and the strategies that I have learned from your videos have gotten me increased sales
    Some one after another Of course prequalifying is key as well as using the Ask formula—Survey Monkey

  • John says:

    Brilliant stuff. is there a pdf checklist for this?

    Thanks as always

  • Jerry says:

    This is exactly what I need Jeff. Yes if you could do the next step(s) it would be awesome!

  • Joan McManus says:

    This is wonderful information – just what I need right now!! Thanks – Bring on more!! So glad I have PLF and went to PLF Live! Joan McManus

  • Ruth says:

    Thanks Jeff! This is so pertinent to me. Yes please I’d love to hear the next step!

  • Rebecca Adams says:

    Love this! Would love more…next steps!

  • Pete Moring says:

    This was a keeper Jeff, (it’s a great idea to keep’em’comin – if you’d be so kind 🙂

  • Katharina says:

    Great video, exactly what I need right now. Please more videos about that topic!!!! Thank you Jeff.

  • Anthony says:

    Very useful Jeff, still trying to figure out my market! Thanks for sharing.

  • Pete Leckemby says:

    Very helpful…would love to hear more. Research is very useful. I recently got a specific email for subscriptions. So helpful to not get sucked into the vortex of my inbox! Haha.

  • Thanks for this video. I wish I had done this before I started a business in a market I did not understand.

  • Polly Jensen says:

    Great video – love the step-by-step. Will listen again and look forward to more. Thanks!

  • Stan Bowman says:

    Fantastic! I have been trying to figure out for quite a while if either of my proposed 2 online business ideas are really valid, and how to go about researching them to determine this. In a few short minutes you gave us an overview of what to look for and a plan of action. Yes please give us more info on this. The initial and single most important question for me or anyone wanting to start an online business is do I have ideas worth pursuing or should I move in another direction.

  • Being that I am just starting out and a new PLF owner, this is wonderful advice and initial step of action. I am sure I will learn so much from each of these platforms — all of which I need to begin to heaps. Thank you and I would love to hear more.

  • Donna says:

    Great info! And yes, what is next thought? How to interpret the research we uncover? How do we look at forming joint ventures and what to propose? Thanks so much!

  • ZEZÉ CAMPOS says:

    What a “Master Class”!! Thank you, thank you from the bottom of my heart.

  • pedar says:

    Super duper! Thanks!

  • MATT says:

    Jeff, a jammed packed value added video! Job well done! But one question remains – what did you advise her to do next?
    Thanks, Matt

  • Once you’ve done all that research and have the information. You know it’s a big market with lots of people in it (buyers and sellers).
    And now that I’ve got a hefty dose of feeling intimidated… How do I go about differentiating myself from the pack?

  • Karem Mieses says:

    Great video! I would definitely like a follow up to this video.

  • Marty says:

    Excellent info Jeff…thank you!
    Next step?

  • Danielle says:

    Excellent video. Thanks, Jeff!

  • Renea Walker says:

    More please – that was awesome!!! Thank you for this post, Jeff!

  • Excellent place to start! There’s so much it can be overwhelming, but this gives a great way to get the lay of the land in your potential market without spending any money! Cool concept sir, thanks!

  • KG says:

    I’ve found that research (head) about ‘if’ my idea has an audience is valuable. Though feeling an inner intuitive gut reaction (heart connection) for the product or project is even more important. It will see me through the hurdles to success which certainly will come.

  • Julie Morton says:

    Thank you, Jeff. I just listened to all 4 videos in this thread. Following your advice in the 1st video, I went on YouTube to find the big players in my area of interest. Women Baby Boomers and Money. There weren’t any that had more than a few 1,000 views. I tried different words and combinations of words and didn’t hit on any combo that generated highly-viewed videos. I’m a baby boomer woman and I”m conversations about money all the time with lots of other baby boomer women, so I believe the topic is important. I’ll keep trying different searches to see if I can determine what searches people actually do. Thank you for your excellent videos.

  • David Bronson says:

    I loved the video, thanks so much Jeff! It’s right where I’m at. And I’d be thrilled to hear next steps! Very best, Dave Bronson

  • peter mutaftschiev says:

    Jeff!!
    ARE YOU KIDDING!?
    Your content on how to analyze a target market and its players is hugely interesting.
    We definitely would like more “such videos” 🙂
    Thanks so much.
    P

  • Rosalind says:

    Jeff,
    This content is great! I’d love more of your insight!

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