How to Fail Well - Episode 2 - Kandy Life Podcast

How to Validate a Business Idea – Episode 3

Episode Description

Kay and Andy discuss how to turn your good ideas into a business that makes money. They talk about the process they use to take a business idea they have and validate to see if it is worth taking action or worth spending time and money on it to develop it into a moneymaking business.

Not all ideas make money. Not all moneymaking ideas produce a living for a couple or make a lot of money. So you’ll need to learn how to weed out the great ideas from the good ideas is critical. We discuss how in this episode.

Show Notes

In our businesses, we use a series of online tools to test to see if a business concept has search traffic on the Internet. If it does it’s one piece of evidence that supports a decision to move forward and develop it.

AHREFs

One of our top go-to business validation tools is a web tool called AHREFS at http://ahrefs.com. This tool is a subscription-based web service that lets you search for keywords that someone might type into a search engine at Google. A trial working demo is available for $7 for a week. Monthly will run you a minimum of $99/mo. That said it is a killer research tool. It will show you how many people search the web each month for keywords you define. So in the episode, we talked about Kay’s web project to help clinically depressed people recover from their illness. On AHREFS the keyword “depression” has monthly traffic in the world of 164,000. But the competition to win that keyword on Google (top 10 results for the keyword depression) is massively high. But if you search for the term “I have crippling depression” you’ll see that 24,000 people per month (worldwide) type that into Google. And to win that term, it’s pretty easy if you had a website that was optimized for the phrase. It was discoveries like this that lead us to develop http://mydepressionzone.com, however just because there is traffic doesn’t mean that people are buying. But this tool is a very valuable way to validate if a business idea might be worthy of the chase.

Google Trends

Google Trends is a free tool that lets you search to see what keywords are trending on Google. Access it here at: https://trends.google.com/trends/. Try search “impeachment” to see how that word plays out in late 2019, early 2020 as the trial for Donald Trump gets underway in the U.S. Senate.

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