Start-up Feasibility: Is this a Good Idea?

One of the most frequently asked questions at the SBDC is, "Is this a good idea?"

A better question is, "Is this a viable business, capable of meeting customer needs and providing me with the income I need?"

Don't jump into a business venture without doing some research.

As you begin your planning—and before you invest too much time, effort, or money—ask yourself these questions:

What exactly is my product or service?

What needs does it meet? What benefits will it provide to customers?

Who are my potential customers?

Who else is providing this product or service to the customers?

How will my product be different from theirs?  Is it competitive based on its quality, selection, price or location?

What makes my business unique?

How much income (profit from the business) do I require to meet my personal needs?

What level of sales will be required to produce that profit?

Do I know what my start-up costs will be?

Do I know what it will cost to operate the business for the first year? for the first three years?

Do I know where to find the answers to these questions?

Your SV SBDC office can help.  Attend a Start Smart workshop to get started. We'll provide guidance and resources to help you answer these questions and more, and you can move forward with confidence.