Business idea

So you have a business idea? How do you know if it is feasible? Where do you begin? Ah, the age-old "starting a business dilemma." Here are some ways to test your idea.

1. Ask your friends and family for their opinions.

This is really your first round of gut-instinct research but nothing more. In the business world, you can't necessarily take the word of friends and family as gospel unless they know business or the industry you are looking to enter. Friends and family aren't really your best gauge of a business idea - but they are usually the easiest group to approach, and by talking about your idea to them, you can hone your business pitch.

2. Ask professors, professionals and mentors.

To get a more unbiased opinion of your business idea, go to the experts. If you don't know any, seek them out. If the experts echo the opinions of your friends and/or family, you may be on to something...or not.

3. Write a business plan.

There are software programs and online templates available for writing a business plan. One example is BPlans.com. You could also turn to your local SBA or SBDC office for assistance or your community college or university for a course in writing business plans. Even check out SCORE where retired professionals consult entrepreneurs for free. Read More »