While there are no guarantees any startup business will be successful, a good first step to determine if an idea makes sense before proceeding with an investment of time and resources is to do a venture feasibility study.
A venture feasibility study analyzes an idea from several perspectives: market opportunity, competition, resources available, resource gaps, financial viability, operational issues, intellectual property rights, development timeline, and technology needs. Are there enough customers willing to buy your products, often enough, at a profitable price that your business can pay all expenses and provide a decent living wage to owners? If not, the business idea is not feasible.
Starting a business? Entrepreneurs know that dreaming up a business idea is the easy part — it’s making your dreams come to fruition that’s the real challenge. And one of the first steps to taking on that challenge is creating a business plan, a task that can be pretty daunting no matter how great your idea is. Whether you write it yourself or let us help you, this is helpful information to know!