What should I do first if I have an idea for a business?

[Learners Quest]

So, you have an idea for a business. Maybe it’s a pet grooming service, or a dental practice catering to dogs, or a custom metal fabrication shop that does one-offs for contractors renovating old buildings.

Ok great! So now what?
You need to figure out if your idea is viable in the marketplace and there are plenty of ways to do that. One way is through due diligence - finding out what’s out there already. Another is to figure out what makes yours different.

I won’t go into the details of how to do due diligence, but if you’re interested I would recommend taking a look at this piece. Basically, online you can find articles on everything from the history of your idea, or the competitors in your market and how they do business. You can also find reference materials like this on Google (search for “pet grooming industry research”).

In addition to researching your idea, there are a couple other things you should do before considering whether to commit yourself to it full-time.
This is a rough, shotgun course version of things you should do:
1. Figure out if your idea is hard to do, or difficult to make.
Look at the basic pieces of equipment, supplies, and expertise it would take:

• What's involved in taking care of a pet?
• What does the market look like for that kind of thing?
• Is it something people think is cool? (The Petco niche might be small but it’s growing.)

2. Figure out if your idea is hard to buy.
Look at the available choices on what you want to do in your market:

3. Figure out if your idea can be adapted quickly.

 

[Knowlopedia]

If you have a business idea, you have come to the right place! The world of business and entrepreneurship can seem daunting, but when you take it one step at a time, it doesn't seem as scary. Read on for answers to some common questions about starting a business and we'll help to guide you in the right direction.

What should I do first if I have an idea for a business?
Firstly, make sure your idea is feasible. There's no point in investing money and time into something that won't actually work. You also want to make sure that there isn’t already someone else out there doing something similar as this will create competition with your new venture from the get go. For example, if you come up with a business idea that's very similar to another one that's already out there, you will want to run a comparison. You can do this by looking at the rating or reviews of the businesses on Google and Facebook. Also, it's important to check for any trademark issues before getting into too much detail about your new business idea.

Secondly, make sure it solves a problem that people are actually willing to pay money for. Also remember that since you're going out there on your own and trying new ideas, nobody's going to help you.

 

[Augusta]

if one have a good business idea it is good as you have stated to research about the business and know the little things that you should know about the business and be sure you can take it off the ground before indulging it.

A business idea might come to us and looks very good in theory but in reality it may not just be it so this is where researching, drafting a business plan comes in. see that xou have your plans on black and white and be sure that you are carrying out a business plan that will be marketable and profitable in the future.