The MVP Formula

How to Test Your Idea Before Spending Money

🔹 Introduction

Many entrepreneurs waste time and money building a business before they know if their idea will work. The best way to avoid this mistake is by using the MVP Formula—a proven method to test your business idea quickly, without wasting resources. By the end of this post, you’ll know how to validate your idea and get real customer feedback before making a big commitment.

🔹 What Is the MVP Formula?

The MVP Formula is a step-by-step approach to testing a business idea before investing heavily. It stands for:

✅ M – Market Research
✅ V – Validate with a Prototype
✅ P – Pre-Sell & Get Feedback

Let’s break each step down.

1️⃣ M – Market Research

Before you build anything, you need to confirm that people actually want and need your solution.

How to Conduct Market Research:

  • Search for your idea on Google Trends, Reddit, Quora, and industry forums.
  • Check if people are already paying for similar products/services.
  • Look for competitors—competition means demand exists!

Example: If you want to create a new productivity app, check the App Store for similar apps and read user reviews to find gaps in the market.

Action Step: Research your idea and list 3-5 existing competitors.

2️⃣ V – Validate with a Prototype

An MVP (Minimum Viable Product) is the simplest version of your product that solves the core problem.

Ways to Create an MVP Quickly:

  • A simple landing page explaining your product/service.
  • A short demo video showcasing your concept.
  • A basic version of your product (e.g., a rough prototype, beta test, or manual service instead of software).

Example: If you want to launch an online course, create a free mini-course or webinar to test demand.

Action Step: Build a simple MVP and share it with potential users.

3️⃣ P – Pre-Sell & Get Feedback

Before fully launching, confirm that customers are willing to pay for your idea.

How to Pre-Sell Effectively:

  • Offer early-bird pricing or a waitlist for first customers.
  • Run small ads to test interest.
  • Collect real feedback from beta testers.

Example: If you’re selling an online membership, create a waitlist and see if people sign up before you build it.

Action Step: Pre-sell your idea in a small way and collect real feedback.

🔹 Quick Takeaways (Summary)

✅ M – Market Research: Ensure there’s demand before you build anything.
✅ V – Validate with a Prototype: Create a simple MVP to test your idea.
✅ P – Pre-Sell & Get Feedback: Make sure people will pay before launching.

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