Evaluate Your Business Idea

Have I Evaluated My Idea?

The right idea properly exploited and marketed can launch your enterprise successfully. But take the time to think your idea through and discuss it with people you can trust and count on? Ask yourself these questions:

	Does it fills a niche in the market?
	Is the idea practical?
	What competition would you be up against and what edge would you have over your competitors?

When you bounce your idea off a friend or relative or consultant, aim to get honest feedback NOT a "feel good" response! If flaws have become apparent, go back to the drawing board before taking the next step.

By evaluating your idea, you get a better grasp of what you are aiming for. At the same time, people whom you trust can help you build the idea further and grow your company.

Other Considerations

	Think about how you're going to advertise or promote yourself and your product / service?
	Have you taken into consideration all the costs involved in establishing a business?
	What sort of a business structure are you going to put in place - sole proprietorship / partnership?
	Have you chosen the name of your company? Think about the purpose of the name and how it identifies with what you're doing.
	What about your corporate image? Think about a logo, colours, typeface etc. The manner in which the image of your company is presented to the public via business cards and letterheads is important. The impression people make of your company is often based on your stationery ie. good, bad or indifferent. Exploit the potential of your company's image and make sure you convey a good impression.