Growth Planning

Idea Validation
Toolkit
This idea validation toolkit includes everything you need to validate and fine tune your business idea. At the
end of this four-step process, you’ll better understand if there’s a market for your business.

Table of contents:
● Instructions

● One-page business plan template

● Customer feedback recordings template

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Instructions
Follow the four step growth planning process for validating your business idea using the two resources linked in
this toolkit. The two resources included in this toolkit are meant to serve as templates. They include instructions
and example text which is meant to be removed and replaced by you. Your idea and your customers are unique,
so be sure to customize each template to suit your business.

Step 1: Plan Outline your idea

Use the one-page business plan template included in this toolkit to start documenting
your assumptions about your business.

Step 2: Forecast Collect feedback

Use the customer feedback recording template included in this toolkit to jot down any
and all conversations you have with potential customers.

Step 3: Review Examine your feedback

Use the customer feedback recording template included in this toolkit to compare the
assumptions you wrote down in step one to the details you collected from customers in
step two - this will help you to determine if your assumptions were accurate.

Step 4: Refine Examine your feedback

Use the customer feedback recording template included in this toolkit to compare the
assumptions you wrote down in step one to the details you collected from customers in
step two - this will help you to determine if your assumptions were accurate.

Need to save time? Use the LivePlan Pitch to help you think through your assumptions.

Need supplemental research? LivePlan contains industry benchmarks you can use to add additional
color to your assumptions.

One-page business plan template

 Identity
What does your company do or offer and to whom?

Problem worth solving Our solution

What challenges does your company solve? How does your company solve those challenges?

Target Market Competition

Who makes up your target audience? Who are your ideal Who are your competitors? What makes them successful
segments, personas, or customers? in your industry?

Sales Channels Marketing Activities

How will you get your product/service to customers? How will you get your product/service in front of potential
customers?

Revenue Expenses
What goods/services will drive revenue? What items will cost you money?

Milestones
What projects or tasks must be completed in order to reach your goals?

Team & roles Partners & resources

Who is a critical part of your internal team (name/role)? Who else is supporting your venture/business?

Customer feedback recordings

First, read the article, How To Do Market Research to get an understanding of how to determine who your ideal customer
is. Then interview people you think will find value in your business.

Customer One
Brief description: (e.g. “Jill is a 43-year-old investment banker who wants to become a consultant”)
 What is the hardest part Sample customer response: “It’s difficult to write a business plan because the financial
about [the problem your forecasts are challenging. I feel overwhelmed.”
business solves]?”

What have you done to Sample customer response: “I tried using a free PDF business plan template. Then I hired a
solve this problem? business coach.”

What didn’t you like about Sample customer response: “The free plan template took too long to complete. The
the solutions you already business coach was very expensive.”
tried?

How much have you spent Sample customer response: “About $500.”
on trying to solve this
problem?

Customer Two
Brief description:

What is the hardest part Notes

about [the problem your
business solves]?”

What have you done to Notes

solve this problem?

What didn’t you like about Notes

the solutions you already
tried?

How much have you spent Notes

on trying to solve this
problem?

Customer Three
Brief description:

What is the hardest part Notes

about [the problem your
business solves]?”

What have you done to Notes

solve this problem?

What didn’t you like about Notes

the solutions you already
tried?
 How much have you spent Notes
on trying to solve this
problem?

Customer Four
Brief description:

What is the hardest part Notes

about [the problem your
business solves]?”

What have you done to Notes

solve this problem?

What didn’t you like about Notes

the solutions you already
tried?

How much have you spent Notes

on trying to solve this
problem?

Note:
This is just for starters. You might want to add additional questions, depending on your business idea, to feel
more confident that you’re heading in the right direction.