Screen your Business Idea

If your idea has passed the initial questionnaire you should screen your idea further. To further screen your idea, do the following:

Conduct “Experience Surveys”

What we mean by “Experience Surveys” is that you will have to find and then ask professionals about your idea. Query the following people to get a better idea about your idea:

Engineers: Ask them whether the product/service can be designed and built in a feasible way? What will go into the designing and building of the product?

Suppliers: Ask the suppliers whether the raw materials or whatever may be required to make the product/service available at a reasonable rate?

Middlemen: Ask the middlemen whether there is a market for your product/service? Would the middlemen be interested in carrying your product/service?

Government officials/lawyers: Ask them whether there is any licensing, safety or environmental requirements of which you should be aware. Will warning labels or disclaimers be required?

However “original” you think your idea is, there is a good possibility that someone out there has already done it. Make sure to use the Internet to look up your competitors product. Learn as much as you can about your competitors product.

Read up all the news items about your competitors and their product. Read up about their pricing, profits, distribution, marketing etc.

At the end of all this, you will have a pretty good idea about your product/service. You your self will know whether it is a profitable idea or not.

Be sure to let the idea go if it not a profitable one. As I said earlier, many people can’t let go of their idea even though they “know” it will not work. This always leads to failure. Do not do this.

If you realize that your idea is not that great let it go. Brainstorm and find a new idea. But for now, let us assume that you have found a good idea! The next step is to make a business plan.