Thinking

Business Idea

You have a great concept but aren't sure what steps to take next.

Here are some steps to get you going.

1: Your Idea

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  • What is your business idea?

  • What products and/or services will you offer?

  • Are you starting a new business, buying an existing one, or buying a franchise?

  • Will you need to protect intellectual property through trade name, trade mark, copyright and/or patents?

2: Is Your Idea Feasible?

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  • The characteristics of a successful entrepreneur

  • Are you ready to be in business?

  • Do you have the skills, experience and time?

  • How much money will it take and can you raise it?

  • What are your strengths and weaknesses?

3: What is Your Market?

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  • Who is your target market, how big is it, and where is it located?

  • Is there sufficient demand for your product or service?

  • Who is your competition and what are their strengths and weaknesses?

  • Why will people purchase your product or service versus your competitors?

4: [Starting a Business] Your Business Structure

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  • What legal structure is right for your business?

  • Your business is in the family, now what?

5: Your Business Profile

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  • What is your going-in snapshot of your business?

  • How will it look?