If you decide to start a new business, you will need to spend some time developing your business idea. One of the greatest advantages of being an entrepreneur is being able to work on something that interests you and that you are passionate about. Unfortunately, passion does not always translate into profits.
Research, research, research! The more information you can gather about the potential demand for your product or service, about your competitors, and about the needs and wants of your prospective customers, the more successful you are likely to be.
Before starting a business, you need to evaluate your idea and determine what your chances are of making a profit from that idea.
This Canada Business tool lists some things that you should consider and provides links to additional information to help you assess your idea, including:
1. Is your idea truly original?
2. Will people be willing to pay for your product or service?
3. Will your product or service be able to compete with those of existing businesses?
4. Do you need intellectual property protection for your idea or invention?
5. How will you manufacture and distribute your product or service?
6. How will you promote your product or service?
7. Are there any government restrictions or obligations that could limit your idea?
8. What resources do you need to get your business off the ground?
9. Where can you go for help to evaluate and to clarify your idea?