GOOD IDEA?/GOOD OPPORTUNITY?

Once you have your ideas together, you must decide which ideas are simply good ideas and which are viable business opportunities. A good business idea should:

* Satisfy your personal goals and interests: Remember, you'll be spending a lot of time running your business, so it should be something you really enjoy doing.
* Meet customer needs: Even if you think an idea is fantastic, your business will not succeed unless you satisfy a consumer need.
* Meet your financial goal: Your idea must generate enough money for you to live (pay the rent, buy food, etc). While you will never know your exact earnings until you are actually in business, you can make a fairly accurate estimate by doing a little market assessment.

Market Assessment

Once you have what you think is a pretty good idea, do some additional research without spending loads of money.

* Set up some interviews and talk to existing business owners, you could be surprised at what you can learn. Most people love to talk about what they do. If people in your community are reluctant to talk to you (they may be worried about potential competition) consider other areas where this will not be an issue.
* Attend trade shows relevant to your idea and talk with people in the industry.
* Read business magazines or trade journals (check out the library or Internet).
* Talk to an accountant, banker or lawyer (if they have worked with others in the field you are considering, they may have some valuable tips for you).
* Talk to a former employer.
* Ask for (and be willing to hear) honest opinions from your family and friends.
* Conduct a survey. Send out written questionnaires, interview people by telephone, go door-to-door or organise a focus group. A focus group involves getting a random group of people together and seeking their comments and opinions about a product or service.