Financial Data
Updated 21 Sep 2020


Idea evaluation checklist

Find out of your great idea for a product or service will make a viable business.


Evaluate your business idea

It is important to identify if your business idea is good or not. Ask yourself the following questions:

  1. Is there a real need for your product or service?
  2. Have you listed the pros and cons of your idea in a business context?
  3. If there are risk factors, are they acceptable?
  4. Research all the factors of your business idea for possible faults or failures
  5. Is there competition in your chosen industry? What have others done with similar ideas?
  6. Have you considered the fact that users may not want or use your product or service?
  7. Will it take very long to put your idea into action?

 

Got a great idea for a product or service? Use this checklist to help you evaluate the idea to determine if you should start a new business.

 

Word _Doc _IconClick here to download: Idea evaluation checklist (Word Doc)

 

PDFicon Click here to download: Idea evaluation checklist (Pdf)