Before you start any business planning planning or development, it's important to vet your idea to the best of your ability. Make sure you have answers to each of these questions:
- Problem: Does it solve other peoples’ problems or needs?
- Target: Do a lot of people (who I can reach) have this problem?
- Passion: Am I passionate about this idea?
- Time: Am I willing to commit the next 5-10 years of my life to this idea?
- Market: Are others successfully doing something similar?
- Competition: Does it have too many competitors?
- Uniqueness: Can I execute this substantially different or better than others?
- Mentorship: Can I court mentors who have been successful doing something similar?
- Resources: Can I build the businesses on my current resources? If not, how much will I need?
- Execution: How complex is the concept? Could I have a product and customers in 90 days or less?
- Feedback: After speaking with several target customers, are they giving generally positive feedback over 75% of the time?
- Skills: Do I have a background and skill set that is compatible with this business?
- Risk: Does the business risk-to-reward ratio match my personal tolerance for risk and reward?
- Success: Does it have a high likelihood of success?
- Being First: If I don’t start this, will someone else?
- Timing: Is the market ready for this product or service? Is there a "good" or "right" time to introduce it?
For more in-depth strategies on business ideation and brainstorming, click here.