Creating Your Own Successful Bitcoin Business-Part 23

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Author : My Dirty Little Bitcoin Secrets PDF EBook by Ofir Beigel

Also the more words you need to type into Google to get your idea to show, the less it is searched for. I consider to Google autocomplete feature to be one of the most important validators online. If something won’t show up in autocomplete, it’s a major red light for me. Assumption validation tool #3 - Checking for competition. Another great way to see if there’s a need for your idea is to check for existing competition. People tend to think that competition is bad but the opposite is correct - the lack of competition is what you should be afraid of. The chance that you thought of an idea that no human being on earth thought about as well is slim to none. Meaning if you don’t find ANY competition to your idea it probably means that there’s no money to be made from it. The ideal situation is to find some, but not a lot of competition. Check Google’s organic and sponsored results - Do a quick search on Google either for the problem you are solving or for the solution you are offering and take a look at the organic results that come up (not the ads). But since Google results tend to vary according to location, I’m going to show you a neat way you can check for results in a country other than the one you’re located in. There’s a great tool by Google called the Ad Preview Tool. Again you’re going to need a Google Adwords account to use it but you should already have one by now if you’ve been doing your homework (have you???). Once inside the tool enter a search query, a google domain according to the country you like, a country, a language and click on “preview”.

You will now see a preview of the search results for that specific country and language. Keep in mind that none of the links in this preview are clickable but it still will show the results. If you want to investigate a specific result just go ahead and type its name in your own Google search. Above is an example for the query “Buy Bitcoins” in Spanish search from Google Spain. Assumption validation tool #4 - Checking forums (Reddit, FB, Google+). There are many UGC (User Generated Content) websites for Bitcoin which hold tons of information. The most popular ones are BitcoinTalk, the SubReddit Bitcoin, Google +’s Bitcoin community and Facebook’s Bitcoin community. Visit these sites and ask around. You don’t even have to say you’re thinking of starting a business you can just say you’re looking for a service that does XXXXX and if anybody knows of such a service. But wait! This way they will be able to steal my idea! If only I had a dollar each time I heard this sentence. The quality of an idea doesn’t lie in the idea itself but rather in its execution. Most people won’t waste the time or the effort to try and steal your idea and even if they do you better make sure you execute it better, because if you don’t a competitor will come along eventually. The value you’ll get from sharing your idea with the community and other people is much more valuable than the risk you take by sharing your idea, even with strangers. Assumption validation tool #5 - Check marketplaces.

If you’re creating some sort of a product, whether it’s an information product or any other Bitcoin related physical product check out different marketplaces like Amazon, eBay or Etsy. For example, before I started writing this book I looked for other books on Amazon and Clickbank (a marketplace for digital products) related to Bitcoin. Reading reviews of similar products like this eBook already gave me amazing feedback on my idea before I even wrote the first word. I also saw that there is competition for my book but that it’s not fierce, which is awesome since that’s exactly the spot I’m looking for. Chapter 5.1: Assumption #2 -The Solution + Goal. Once you’re done with your problem assumption, it’s time to move on to the solution assumption. In this step you’ll need to assume what solution can help solve the need you validated in the first step and what outcome will happen as a result of that solution. Going back to 99Bitcoins’ example my proven problem assumption was. People are looking for ways to buy Bitcoins with PayPal. My new unproven solution and goal assumption was. A written guide that reveals a way to buy Bitcoins with PayPal will get 2% of its readers to actually buy Bitcoins using this method. Notice that my solution assumption consisted of two parts - the solution and a goal. For example, in my solution assumption I chose to write a written guide. I could have also chosen to do a video guide or a podcast. Why did I go with a written guide? Because it was the easiest solution to perform.

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