Evaluate Your Business Idea

Five women in a business meeting

Ideas are everywhere. Successful entrepreneurs know that not every idea is a good business opportunity. Before you bet the ranch on your idea, take the time to research who will buy your product or service and what competition you will face.

If you have a specific question you need answered, let’s work together! Send us a little information about your question, and we’ll get back in touch with steps you can take.

To get started growing your idea, here are some questions to ask yourself:

  1. What kind of business do I want?
  2. What product or service will my business provide?
  3. Why am I starting a business?
  4. How simple or complex will my business need to be?
  5. Am I prepared to spend the time, money and resources needed to get my business started?
  6. What is my target market?
  7. Who is my competition?
  8. What is unique about my business?
  9. How soon will it take before my products/services are available?
  10. How much money do I need to get my business set up?
  11. How will I set up my legal structure of my business?
  12. How many employees will I need to start up?
  13. How will I market my business?
  14. How will I manage my business?
  15. Will I need to get a loan?

How do I evaluate my business idea?

Before you start your business endeavor, you need to understand what you are signing up for. You need to understand your market, know your competition and research your idea to make sure you can turn a profit.

Here are a few suggestions to get started:

Learn the language

Entrepreneurs have their own language, and if you want speak to potential funders and other entrepreneurs, you’re going to need to understand a few key startup terms.

Research your market and current trends

It’s critical to understand your consumer base. Market research lets you reduce risks, even while your business is still in the planning phase.

Take advantage of free business classes

Many support organizations have classes and workshops for all types of entrepreneurs.

Meet with professional business advisors for free advice and guidance

The Northwest Small Business Development Center offers no charge, one-on-one, business appointments to the public.

We’re here to help – Let’s work together!