EVALUATING A BUSINESS IDEA:
I got a call a call from a viewer asking me to help him decide which business he should start. He had about ten very different ideas and hoped I would instantly know which one he should pick. My answer to him was I can't tell you that but I can tell you how you can decide that for yourself.

And here's how…

First of all narrow down the business ideas to those that you are the most excited and passionate about. Be sure you understand all of the duties and responsibilities required to successfully run the business and decide if it's something you really want to do.

Next ask yourself which idea is the most feasible. How much money will it take to start up and do you have it or can you access it? What skills are necessary to run the business and do you possess those skills or can you acquire them? Do you have or can you find the right location suitable for your business idea?

Third and really the most important question to ask yourself when evaluating a business idea is this - is there a market? Will people pay you money for the product or service you will offer. You also need to determine if the business can be profitable by estimating your expenses and projected revenues.

Having many great ideas for a new business is a very good thing but it can be challenging too. By applying these questions to your ideas you can better determine which idea is the one most likely to bring you success!

I'm Deb Neuman for WABI TV 5 News

Print this Story

Recent Stories