Ideas are everywhere. Successful entrepreneurs know that not every idea is a good business opportunity. Before you bet the farm on your idea, take the time to research who will buy your product or service and what competition you will face. At the end of the day, your idea is only a business if you make money.
Here are some additional resources to help you.
- 20 Questions You Can Ask to Validate Your Startup Idea (Entrepreneur Magazine)
- Evaluate Your Idea Checklist (Princeton Creative Research)
- Buying a Franchise (Entrepreneur Magazine)
- How to Choose the Right Franchise for You (Business news Daily)
- Buying an Existing Business (SBA)
Do Your Research
While preparing your startup endeavor, be sure to research and understand the market that you will be entering. Use the Resource Navigator to find a programs that provide market research assistance. Your local Small Business Development Center and your local libraries are great places to start.
Attend a Workshop or Class
Many support organizations have classes and workshops for all types of entrepreneurs. Be sure to explore the Calendar of Events to find an event near you.
Don’t Entrepreneur Alone!
Many people have gone before you in launching a new venture and are willing to share their experience and some of them even do it for free. Your local Small Business Development Center offers individual business advising appointments to for-profit entrepreneurs and small businesses at no charge. To find your nearest office, use the Resource Navigator.
Don’t forget to seek the counsel of a business attorney, an accountant, and an insurance agent. These folks are licensed to share their unique knowledge, so have them in your corner!