Assessing your business idea

Once you have had a chance to come up with a business idea, you need to start testing it out. An idea that seems great on paper is fine ... but you can’t tell if you have a really strong proposition until you have done some research.

Make sure you run through this quick checklist and then explore any issues it raises in more depth:

1. What’s your niche? Is your idea unique and different?

2. What’s your business model? Does it depend on exchanging time for money and can you do that? Or should you be developing products that you, and others, can sell?

3. Is there a market for the business? Do some research with people in your target audience about what their needs are.

4. Can you make it pay? Cost your idea up in as much detail as you can – and remember to cost in your time.

5. Do you have passion for your business idea? Starting a business can be hard. If you pick an idea that you are passionate about you’ll be able to keep going through the hard times.

6. Seize Opportunity After all this planning and research, remember to keep your eyes open for opportunities as some of the strongest businesses have started just because someone saw an opportunity and went for it.

Antonia Chitty is an award winning entrepreneur and author. She offers help and mentoring for mums with businesses through www.themumpreneurguide.co.uk

 

 

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