Explain your business idea
Make sure there is a market for your business
Decide if your business idea will be a success
You need to check your new business idea to see if it will work, and also to see if enough people will want it.
You must look at your business idea as a whole in an open-minded way. In particular,
you must consider:
■ your business idea;
■ money;
■ the law;
■ the performance you expect;
■ market research;
■ your customers’ needs; and
■ your competitors;
to decide whether you think it’s worth going any further. There are two reasons for this.
1 You need to make sure, in general terms, that your business is likely to succeed.
2 You should decide what you will need to research in more detail so that you can develop your business plan.
The first thing you should do if you are thinking of setting up your own business is to research if it will work.
