Evaluating your business idea

You're out on the town with friends and an idea pops into your head. You grab a cocktail napkin and jot down the major premises of your business. You awaken the next morning feeling inspired and ready to launch your new business but you are unsure here to start. Dont fret my pets, the following resources are a great starting point. Why not just dive into your chosen industry? It is best to use some of your time to plan and research. The more you do beforehand, the less you will learn the hard way. Evaluating your business idea is just as important as launching your business because it will reveal any holes you may have in your idea as well as what your competition is offering.

Now what? You must learn more about what you are getting yourself into. Use the following online and offline resources from entreprenuer.com to help you determine if your idea is a good one.

•Entrepreneur Assist offers a collection of free business planning and productivity tools, letting you access free business books, bookmark your favorite articles, schedule events and reminders and share documents to assist you in your idea evaluation and market research process.

•How to Create a Marketing Plan, will help you strategize your marketing efforts.

•The U.S. Census Bureau has the stats and demographics you need to know.

•FirstGov.gov is a well-designed, easy-to-navigate portal to the government online. Click on the tab that says "Businesses and Nonprofits."

More resources after the jump.


•Your local Chamber of Commerce can be an indispensable resource for local information for your new business.

•The Encyclopedia of Associations by Gale Group can be found in libraries, and is an essential tool for locating your industry's associations. Also search on Google, and be sure to check whether the association has a trade publication.

•At TSNN.com, you can access a searchable database of trade shows worldwide.

•Entrepreneur's Top Colleges listing can help you find a local school that offers entrepreneurship studies.

•Two of the greatest resources known to entrepreneurs are the Small Business Development Centers (SBDCs) and SCORE (Service Corp of Retired Executives). Each SBA service offers free and low-cost help to small-business owners and entrepreneurial wanna-bes, and should have a local office near you.
 
Do not worry if your idea does not pan out the way you imagined it. Sometimes the idea just needs to be tweaked a little, hence the need to do your homework! Roll up your sleeves and get prepared to work. Work smarter by taking advantage of the resources available to you.
 
If you have decided that life as an employee is not for you, there is no room for excuses! Even if you do not have the capital you need, you can invest time doing other things that will contribute to the ultimate success of your idea. Researching the market is a great place to start!
 
Knowledge is nothing without application. You have a list of places to start now USE IT!