How do I run a feasibility study to know if my new business idea will work?
I own and operate a local online store in Lebanon that sells almost anything gadgets - tools, kitchenware, fashion, watches, etc. My website is www.otloubnow.com.
I have been working on my business for almost two years, and have built up an OK audience on social media platforms.
I want to change the nature of my store to become a DIY store, it is going to be only for products that are cheaper but you have to assemble them yourself when delivered. I want to open different categories: Furniture, decorations, toys, art, and pet accessories. Basically everything related to the Do It Yourself concept.
I want to know how to make a feasibility study to see if my project would be a success or not.
Can anyone help me with how this study should be done and what it should include?
Thank you in advance and best regards,
I'll start with a story...There were few guys in your position and they wanted to know if their new idea is any good or not. They planned a lot, designed the best interface they could, created an MVP, launched and waited for people to sign up...Crickets...almost nothing.
They knew their concept was good but even after their initial study it didn't seem to work....
Then one day they decided to meet their customers. They went from door to door and sat down their their initial users to know what they thought of their service, what was missing, what would make it better, they watched their initial customers access the online service and found how badly it was designed (even after following all the best principals they could)...
They took all the data they got from their initial customers and implemented in their new version...Since then they never looked back. They were guys at airbnb.
Ask your existing customers!
You have a great audience on facebook and since you are already out there selling for 2 years, you must have a great email list as well.
Be genuine and ask them. Share your idea in an email, run a poll on insta and facebook and see what kind of a response you get. You can also run a pre-sale offer and collect customer voice on your social.
Customer study is the main study but few other things you can do -
Ask yourself WHY you want to do it?
What pain problem it is solving?
Maybe furniture is expensive in Lebanon and a DIY could cut cost and attract a specific audience. Would you or your mom ever use the service?
What are other DIY alternatives in Lebanon? How big are they? What kind of review they have? Can you beat them at scale/at creativity/at brand?
Will DIY add additional customer support service?
Identify your target audience. Meet/talk with a sample. Ask. Ask. Ask.