Tuesday, 3 May 2011

How viable is your business idea?

1. Where did your business idea come from idea?
 a) I spotted a gap in the market and now I want to fill it
 b) Someone else - other people are already doing the same thing
 c) It's my hobby, so making a living out of it will be great
2. How certain are you about what you intend to do?
 a) Fairly, I think it will work out all right
 b) Very, but I'm prepared to make changes to increase my chances of success
 c) It's all still a bit up in the air to be honest
3. How original is your idea?
 a) I've come up with some improvements to an existing product that is successful
 b) My idea is totally new - it's never been tested
 c) I'm simply copying other businesses - it seems to work for them
4. Have you tested the appeal of your idea?
 a) My mates thought it was a good idea the other night in the pub
 b) I've discussed its with a professional business adviser
 c) I've asked potential customers what they think, most of whom said they would buy from me
5. Have you checked whether any regulations apply?
 a) I don't have any experience, I'm going to get some professional advice
 b) Because of my knowledge and experience, I already know
 c) No, I'll deal with any problems when they come up
6. Do you know who your customers will be?
 a) Absolutely, in fact, I've already got some lined up
 b) I've not thought about that... Anyway, my product will appeal to everyone?
 c) I've got an idea of the types of people who will want what I'm offering
7. Who will do your selling?
 a) Selling? Customers will come to me
 b) I'll be doing the selling, I've got a lot of experience
 c) I'm not very confident, I'm going to use an agent or employ someone
8. And what about your competitors?
 a) I'm aware of some of the businesses I'll be up against
 b) I've done a lot of research and know exactly who my competitors are and what they offer
 c) Competitors? I'm not interested in what others do
9. What will give you an edge over your competitors?
 a) My product is better than theirs
 b) I'm fully committed to meeting my customers' needs
 c) I'm going to undercut their prices
10. Where are you going to get the money to start your business?
 a) I'm hoping a lender will take a chance on me... I'll probably get a grant, too
 b) I'll use my own savings and borrow some from family and friends
 c) I'll put up most of the money, I can offer security on a loan to cover the rest
11. Have you worked out how much it will cost to get your business off the ground?
 a) Yes, in detail, and I've added some extra to account for unforeseen costs
 b) I've a rough idea how much it will cost
 c) Erm, no I haven't...
12. How much are you going to charge?
 b) I've got a good idea what the going rate is
 a) I have worked out all my prices on a cost-plus basis
 c) I haven't worked out any prices yet, we'll see
13. How much is each customer going to spend with you?
 a) Not much, but there are lots of customers out there, so it'll add up
 b) Each sale will be high value, but a typical customer won't place more than one order a year
 c) As long as I keep my customers happy, I'll get repeat business, so each customer will continue to buy from me over time
14. How much money do you need the business to generate?
 a) I've got enough personal money to tide me over for a few months until the business is established
 b) I need to make some money, but I can cut my living expenses back and take a part-time job if necessary
 c) The business needs to support me and my family right from the off
15. How long do you expect it to take for sales to build up?
 a) I've got some prospects already, so it shouldn't take long
 b) Gradually, over the first six to twelve months
 c) I'm expecting a deluge of sales as soon as I start

1 comment:

  1. this is very difficult to read and absorb-it fits poorly on my screen.did you run out of time to comment on it all?