How to evaluate your business Idea

Have you come up with a brilliant idea that will be the next big thing in the business world? Fantastic! Coming up with a brilliant idea is the first step to starting a successful business. However, there is more to just conceiving the idea. As a potential Entrepreneur, you need to do a realistic evaluation of your idea to determine if it can be turned into a viable product or service. To get started, answer these basic questions:

  • What is my idea?
  • Who are my target customers?
  • Is anyone serving them presently?
  • Who are my main competitors?
  • How is my product or service going to differ from my competition?
  • How many people do I think will need the product or service?
  • How will I get it to them?
  • How much will it cost me to produce and how much will I sell it?

Here is a free guide to help you evaluate your business. Start Up Flow Chart

 



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