Is your business idea viable?

How do you take a business idea to the next step? Most entrepreneurs have a business idea

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that they think might be viable but they are not sure what to do next. The concept might be something that they have been considering for a long time but now they are thinking about taking the next step. So how do you take an idea or a concept from an abstract stage to a concrete one?

One of the most important elements of this stage is to really understand what the idea involves. It’s time to really to formulate and build off your ideas and a great way to start is by writing things down. It is at this point  when an entrepreneur needs to start jotting down some bullets that will not only show the viability of an idea but will also help create a confidence level to further develop the idea and turn it into a reality.

Here are some helpful questions that you can ask yourself once you reach this stage:

  1. What is the business idea?
    • Look at it with depth and clarify.
  1. If you had to explain your idea it to another person, would you be able to?
    • Write a paragraph about your idea that describes exactly what the business is or does. Take your time and be very clear and to the point.
  1. Have you considered possible strengths and weaknesses within the idea that can make it both possible/difficult for you to start the business?
    • Conduct a SWOT (Strength, Weakness, Opportunity and Threats) analysis on your idea.
  1. Ask yourself who will buy your product or want your services?
    • Who is your customer or target market?
  1. How much money do you need to start this type of business and do you have it available?
    • Develop a budget template with start-up costs and expenses so you will know exactly how much you need to start the business.
  1. What are the current trends?
    • Consider if this is a good time to start developing your idea into a business.

There is a lot to consider when developing an idea. The Halton Region Small Business Centre has an online tool that will help you to access the idea and take it to the next stage. If you want to talk more about your idea call Halton Region’s Small Business Centre and book a free consultation.  We are here to help you as you take the first steps towards opening a business.

One of the goals of the Centre is to empower small and medium-sized enterprises and give you the tools to achieve success. For more information about Halton Region’s Small Business Centre resources, services, and how we can help direct you to the right resources, contact us by dialing 311, 1-866-442-5866, online at www.haltonsmallbusiness.ca, smallbusiness@halton.ca or visit us at 1151 Bronte Road, Oakville.

 

 

 

 

 

 

 

 

 

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This entry was posted in Economic Development, Halton Small Business Centre, Small Business Advice, Tips and Advice, Uncategorized. Bookmark the permalink.

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