Evaluate your business idea
It is important to identify if your business idea is good or not. Ask yourself the following questions:
- Is there a real need for your product or service?
- Have you listed the pros and cons of your idea in a business context?
- If there are risk factors, are they acceptable?
- Research all the factors of your business idea for possible faults or failures
- Is there competition in your chosen industry? What have others done with similar ideas?
- Have you considered the fact that users may not want or use your product or service?
- 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.
Click here to download: Idea evaluation checklist (Word Doc)
Click here to download: Idea evaluation checklist (Pdf)