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Is My Business Idea a Good One?

If you want to convince yourself and others that your business idea is a good one, you will need to be able to answer these twelve questions. You can probably answer many of them by doing your own research, but other people may be able to help find the answers. If you have trouble answering the questions, remember that NEOEDD offers the Foundations business planning class series to help you get started planning your business. 

  1. Do you have a business plan? 
  2. Can you explain to others what you plan to do? 
  3. Who will buy your product or service? 
  4. What are other options people have to buying your product or service? 
  5. How much will they spend? 
  6. How much time will it take you to get started? 
  7. How much time will it take you to both provide the product or service
    you will be selling and to run the business? 
  8. Will you need help? 
  9. Do you know how much you can make after you consider all your expenses? 
  10. What risks will you be taking? 
  11. How much money will you need to keep the business and household? 
  12. Do your family and friends support your business idea?