How can I find out if my idea is viable?

We would recommend that all business ideas are full researched in the market place. This is an important process and one which will determine if there is a market for your product/service, what gaps there are in the market that your product or service can fulfil, what price points are in operation in the market and who your competitors are. Looking at your costs will then assist you to determine if the concept is potentially viable. Market research is done by analyzing/reviewing/undertaking/talking to the following:

  • Desk /Internet research
  • Store research / Talk to Local retailers/buyers
  • Questionnaires to the Public/Distributors
  • Focus Groups
  • Buyer Research
  • Competitor Research

 

Clients of the LEO who are potentially fundable may also apply to avail of EI Library Services and also have access to Bord Bia market intelligence services too. Sometimes these Agencies will have reports on recent trends in the market place available, which can guide you in planning your business.

 

The LEO also runs various training courses that can help you to validate your business idea, such as the Start Your Own Business Programme.

 

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