Starting with the first thoughts around which a business might originate - How do you know you have a good business idea?

This article puts a structure on the 'birth' or 'concept' stage for a new business.

The first step is to plan properly to make sure your business idea is right:

-For the potential customer

-For profits.

-For you as a person.

Albert Einstein said "If we knew what it was we were doing, it would not be called research"

If you're serious about your business succeeding, you need to research your idea fully.

If you have an idea for a product or service that you think could become a viable business – how do you get from concept to fully developing your idea?

You need to answer some questions:

1. Is the idea feasible?
2. Will it allow you to develop a profitable business?
3. Will it work?
4. Do people want your product/service? (Is there a market?)
5. Is your product/service really different from what's already out there?
6. Are there competitors, and how can you get the edge over them?

The answers to these questions are like the pieces of a jigsaw that you need to fit together to form the overall picture of your business, and how it will develop. By establishing the answers to these questions for your business you will have the key elements you need to plan your business start-up – your business plan.

The answers to these questions are the market research for a business idea.

It’s the first piece you need to pull together in planning your business. It will give you the information to establish exactly whether there is a demand for what you want to provide. It will tell you whether this demand is enough to form a profitable business. If not enough people want to buy your product or service, then you need to know this before you make any changes in your current employment or spend valuable savings establishing something that will not work.

Local Enterprise Office Galway runs workshops available to all potential start-ups. The programmes offer practical advice and steps on how to develop your business idea. 

You can get in touch for informal, FREE advice by calling us at 091-509090