Quick Guide to Outlining Your Business Idea

BUSINESS

  • What is the company proposing to do?
  • Is the company at the idea stage?
  • Is the business registered?
  • Sole Trader or Limited Company?
  • Are there any full time employees?
  • Is the company selling? Who to?
  • From a timing perspective – how advanced is the project idea / business?

PROMOTERS

  • Who are the main promoters (founders) in this business?
  • What is the background and experience of promoters in this sector / market?
  • Outline the professional experience and the names of companies you have worked in.

PRODUCT / SERVICE

  • Can you describe the product / service you will offer?
  • What specific customer requirements does your product / service address?
  • What specific benefits  to customers obtain from using the company’s product or service in terms of increased revenue / decreased costs?

COMPETITIVE ADVANTAGE

  • What is innovative about your product/ service?
  • What is your competitive advantage – how are you better than what is already available?

THE MARKET

  • What markets/ sectors do you intend to target?
  • What is the size of your market sectors?
  • What research or activity have you carried out on this market?
  • How will you reach, sell to and delivery your product / solution to customers?

CUSTOMERS

  • Who are your potential customers in the target market?

COMPETITION

  • Who is your competition in the market – main competitors in Ireland and in your target markets and how does your offer compare?

REVENUE MODEL

  • How are you going to make money – what is your revenue model?
  • Have you spoken with any potential customers or commercial partners? Who? What was the outcome of the discussions?
  • Explain your pricing policy

FUNDING

  • What is the funding requirement for Year 1 & 2? How do you plan to service this requirement?

COMMERCIAL CHALLENGES

  • What are the biggest challenges for your company to be successful in this market?
  • What are your limitations?
  • What areas do you feel you need most assistance?
  • What are the key risks associated with your project?

 

 

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