Researching Your Business Idea
No doubt you have been inspired with a great idea that could turn into a profitable and rewarding business. Before going any further, be sure to ask yourself (and others) these questions. Talk to friends, family, possible investors, associates, and the community partners in our resource guide [hyperlink]. They have years of experience and are ready to help.
- What problem are you trying to solve?
- What need are you going to fill?
- Who is your market?
- Who are your customers or suppliers?
- What are the projected costs and revenues for start-up and for the first one to three years?
- Who will manage the daily operations?
- What are your income requirements?
- What capital will be needed to open and stay in business?
- Where will it come from?
- How much will you be investing?
If you receive positive reaction from your research, then it is time to move on.
Didn???t get the reaction you were hoping for? Don???t worry. Although you may need to go back to the drawing board, you learn more about yourself and your potential business each time you do.