So you think you’ve got your business idea idea in mind and you’re able to describe your business concept in 1-2 sentences. Now it’s time to make sure it will fly. Find out whether there is room in the marketplace by taking the time to investigate. This phase of preparation could literally take months. But stick with it. This will be time well spent. You wouldn’t want to put money and effort into something that was doomed from the start. Figure out from the get go whether your concept is a winner or not.
Although your business may sound like a great concept, does it really make sense? When you take a close look at cost, how you’ll reach the marketplace, and other factors, ask yourself- Is my business idea practical?
A doable business idea is essential. Having a realistic expectation of making a profit – if not immediately, then sometime in the reasonable future. You may, for example be buying inventory and supplies at a loss or very small profit margin while building your business. But learn to think long term. Continually shop around to find the deal that will provide you with the highest profit margins.
Part of accessing your business ideas viability is to account for your base of operations – your home. Will your business be able to succeed from your spare bedroom or kitchen table? If your home business requires a lot of foot traffic, many people coming and going, you may not be able to accommodate such a flow because of zoning laws or parking. Be sure to consider the following:
If you plan to run a business that requires a lot of inventory, do you have the space for that inventory? Is the space dedicated to your business suitable? If you bring clients into your home for business, is there a particular room that’s useable? Will your customers react negatively to children’s toys strewn around?
Local zoning laws may be very strict in your area. Some may not allow your type of business to exist in your particular neighborhood. Some rules dictate that you can’t have employees and you can’t post signs around the yard. Be sure to check these laws carefully. Also, parking needs to be considered. Is there enough parking to accommodate your customers? Will you be in violation to zoning laws in this regard?
Lots to think about, but worth the brainstorming before you launch your idea. Whether it’s a consulting business, the selling of products or services, online marketing, whatever the case is fine-tuning the above details are very important. Work out all these particulars to lay the ground-work for launching your idea.