Taking a business idea and turning it into reality can be a complicated task. When you are first starting to develop your idea, try putting your thoughts on paper. The Halton Small business Centre has developed a worksheet to help you to define your business idea by asking the following questions:
- What is your vision?
- Describe in detail the idea you wish to develop and be clear, specific and to the point. You should be able to clearly communicate your idea with others if the need arises.
- Who will buy your product?
- Define your target audience. Ask yourself, how old are they, where do they live, how much money do they make, what are their interests, how will they know you exist?
- Do some research – make sure you can back up your findings with some facts.
- How much money will you need to start the business?
- It is important to look at the different costs associated with your business idea to determine whether or not the idea is even feasible. Be specific. If you can’t afford to start the business on your own, you may also want to determine how much additional money you need and the way in which you will obtain it.
- How much money will you need to earn to meet your personal financial needs?
- It is important to determine your business financial goals and compare them with your expenses. Ensure these goals are realistic. How much money will you need to earn in order to pay your business expenses and live comfortably?
Working through these questions will help define your business idea and identify where you may need assistance. 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 resources, services, business events and seminars, contact us by dialing 311, 1-866-442-5866, online at halton.ca/smallbusiness, by email at firstname.lastname@example.org or visit us at 1151 Bronte Road, Oakville. You can also follow us on Twitter and find us on Facebook.