Value of business idea
How can I tell whether the business I'm thinking of starting up will be profitable?
Your success or failure cannot be determined just from the idea. The world of start-ups overvalues the ideas. Your success depends on whether you have something of value to offer to people who want it (assuming some do).
Until you convert your ideas into action you will have to rely on market research and business plan modeling. This can help you estimate whether a concept might have commercial value. Investigate what similar companies (products) are doing and adjust their business model to fit your ideas. You can then test your concept on a small scale and refine it before moving to full scale.
Brain Trust contributor:
© 2007, Small Business Network, Inc., All Rights Reserved.
AskJim ID: 253