Consider your idea
Will people be interested in what you are offering?
- Ask a wide range of people what they think about your idea. Would they buy your product or service? Why or why not?
- Conduct some market research to test whether there will be adequate demand for your product or service. Research your market using the internet, newspapers, magazines, trade directories, local, state and university libraries, research institutions and publications from market research organisations. Interview family and friends. Adapt your own surveys. Learn more about market research.
- Evaluate your business idea.
Have you considered a range of business ideas?
- Make a list of the advantages and disadvantages for different options, such as buying a business, buying a franchise or starting from scratch and turning your idea into a business.
Is there enough demand for your product or service?
- Ask people working in your industry about the level of demand for similar products or services.
- Consider observing other similar businesses to determine the level of demand and survey customers to find out the average sale value per customer.
- If it is a new idea, be sure to conduct market research to determine the level of demand. Use our market research kit to conduct online research.
- Contact relevant industry associations for information from experienced and helpful people in your industry.