Self-evaluation for Business Ideas
As a preliminary step to assess the viability of your business idea, you may wish to answer the following questions for starting a new business:
- Why am I opening a business?
- What do I love to do?
- What kind of products or services will I provide?
- How is the target industry developing (market growth)?
- What are my strengths, weaknesses, opportunities and threats?
- What are the key success factors?
- What makes my products/services different?
- Am I passionate enough to dedicate all my time for the next 1-2 years?
- What is the most appropriate legal substance for my business?
- What is the most efficient tax structure for my business?
- Where should I establish my business?
- What are the regulatory requirements I have to comply with?
- What type of insurance do I need?
- How many and what type employees I will need?
- How much is the initial set-up cost?
- Will I need to get finance?
- How long will it take to pay off the initial set-up cost and make profits?
- How will I manage my business?
- How will I promote my business?
- What long-term goals have I set?
Answer the above questions as honestly as you can and review your plans with an experienced consultant.
If you have identified various points where your idea is weak, perhaps you should re-evaluate your plans.