Now that you have began thinking about
your small business idea, there are many questions you need to ask
yourself to decide if it is viable. What makes your small business idea
so great? For your business to be successful it needs to include at
least one of the following three characteristics. Your small business
idea needs to be either:
innovative
priced correctly
convenient
It may meet these criteria in that it may
provide a new way to use something that has been around for a while.
Your small business idea may be for a different use, less expensive or
more convenient use for an already existing product. Also, it could be
for completely new product or service. Does your small business idea
fall into one of these categories? If so, it may be time to figure out
whether it may be a viable business proposition. The key is not whether
it is an absolutely brilliant idea, it is whether people will pay you
money for it.
The following checklist is from Barnes &
Noble’s Basics: Starting a Business. It was originally taken from one
created by Princeton Creative Research to help entrepreneurs evaluate
their small business ideas. You should ask yourself the following
questions:
Have you considered all of the
advantages and benefits of the small business idea? Is there a real
need for it? Is there a comparable free service available?
Have you pinpointed the exact problems
or difficulties your small business idea is expected to solve?
Have you checked the idea for faults
or limitations?
What are the short-and long-range
gains or results that can be anticipated? Will these results support
your Company’s objectives?
Have you considered the economic
factors of implementing it? What development time, capital investment,
marketing costs, etc., does it entail?
How simple or complex will its
execution be?
Does it have a natural sales appeal?
Is the market ready for it? Can customers afford it? Will they buy it?
Is there a timing factor involved?
Is there the potential for the user to
have some resistance or difficulty using it?
Is your small business idea compatible
with other procedures or products of the Company and/or its
objectives?
Does your small business idea fill a
real need? Or, does the need have to be created through promotional
and advertising efforts? If so, is your staff trained and equipped to
do this?
These are all questions to consider when
deciding whether your small business idea is viable. If you
short-circuit this process by not going through and answering these
questions, you may prematurely decide on a small business idea that does
not have enough innovation, pricing considerations or convenience to
support your business over the long-term.
Now
go to
Lesson
1.3
The Right Small Business For You
Information from Barnes &
Noble’s Basics: Starting a Business
Webpage by Paul Susic MA
Licensed Psychologist Ph.D. Candidate CEO/President Susic Psychological
Consulting P.C
