Chicago business affairs

Steps to Evaluating your Business Idea

Description:

It is not only customers, but competitors as well, that will determine the success or failure of your new business idea.

Content:

Whether you want to start an online or offline business, the first thing you need to do is find out whether your product or service will sell. The first step to finding that out is to research the supply and demand of the market. Ideally you want a product or service with high demand and low competition. There are many resources with which you can accomplish that. But, before we get to that, always remember that a business idea is NOT a business opportunity until you go through the evaluation procedure and judge it to be feasible.

All successful business start-ups begin with the customer and the market in mind. Careful analysis needs to be done to determine the industry issues. What are the structure, size, growth rate and capacity of the market you have targeted? From a financial standpoint you need to look at what market share you need to reach to be profitable. You must develop a pricing strategy. Budget for your opening and operating costs to determine how long it will take to breakeven. Just as important, analyze any barriers that may hinder your entry into the market.

To help you do the above follow these suggestions: * Consider the advantages/benefits of your idea. Do they meet a need? * Will your idea solve a specific problem your proposed customer may have? * Is your idea original, an improvement on or a new combination of services or products? * Who and what is your competition? What do they offer? How do you compare? * Make sure you market test your product or service. Produce samples and ask for feedback. Listen to your customers. * Project your short, intermediate and long range goals. What will your return-on-investment be? * I your pricing structure such that customers can afford to buy it? What is the lifecycle of the product or service? * Have you given any consideration to a customer service policy?

As you can see there are many factors that come into play when you are considering a new business proposal or idea. The bulk of what is covered here would be included in your business plan and accompanying marketing plan. Both of which are crucial to your success.

It is not only customers, but competitors as well, that will determine the success or failure of your new business idea.

Securing customers in today's cluttered marketplace is difficult and requires creativity and plenty of hard work. Identifying your customer base and attracting them to be potential customers is first and foremost. As I mentioned earlier there is a wealth of information available on the Internet, albeit mostly theoretical, but with persistence and common sense you can develop a plan. The mere fact there is competition in your chosen market means there is a market for your product or service.

Keep in mind the old axiom "People don't plan to fail. They fail to plan."

Author: Douglas Mackie

About Author:

Douglas Mackie - Business Planner and Writer. Specializing in Internet marketing strategies for marketing newsletters, ebooks, search engines, web design and promotion. Web site features well researched resources to help your online business succeed.
http://www.fundamentallybusiness.com

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