Evaluating your business idea

Whether you have a great idea to start a new business or intend to develop an idea within an existing business, thorough research is essential. You need to find out if:

  • your idea can be developed
  • there is a market for your idea
  • your idea is financially viable
  • you can protect your idea.

Researching your idea helps you to decide if you can turn it into a business. Your research may tell you there is a market for your product or service, or you may find information that persuades you not to pursue your idea (e.g. competitors might also be starting up or the target market might be too small).

This guide discusses the ways you can assess and develop your business idea.