How do you know if your new business idea is any good?

Try answering these questions…

1. Does your idea work?
2. Is your idea safe?
3. Is your idea legal?
4. Will it continue to work or is there a danger new technology can rapidly replace it?
5. Can you do it on your own, or will you have the help you need?
6. Can you buy or hire any specialist skills you need?
7. Would it be better to outsource the product to a specialist manufacturer?
8. Is your market big enough (will enough people buy it)?
9. Do you know who your competitors are?
10. Is your idea better than the competition’s?
11. Can you protect your idea from imitation?
12. Have you talked to people other than your family or friends about your idea?
13. Do other people you have talked to think your idea is worthwhile?
14. Would they actually buy it? (This is different to them saying they like it).
15. Have you asked them what improvements you could make to the product or service?
16. Does your price seem reasonable to them?
17. Can you bring your product or service to market at a price that customers will actually pay?
18. Will this price still allow you to make a reasonable profit?
19. Have you actually tested your idea on the marketplace (trial marketing)?
20. Can you try it out on a part-time basis first?

How can we help you grow and improve your business or personal finances? Simply ask. The ABA accountancy team has a wide range of accounting experience and skills. Get in touch.