14 Steps to Qualify a brand new Business Opportunity / Idea
Name of Opportunity [ Idea ] __________________________
Steps to Verify/Qualify Idea: Which? Description, Online Research, SWOT, Buy your Competitor & Online Analysis, Customers, Financial Analysis, Alternatives, Personnel, Legal, Motivation, Vision.
#1 Opportunity / Idea
a) new Product ( __ )
b) new Market ( __ )
#2 Description:
Problem/Need __________________________________________________________
Solution _______________
#3 Online Research
Biz Directories
Other
#4 SWOT Analysis of your Product/Market
Strength
Weakness
Opportunity
Threat
Barriers to Entry (by Competition)
#5 Competitor Analysis
How are you: ” Better, Faster Cheaper?
1)
2)
3)
Value Proposition [Why a Customer would buy from you]
#6 Online Analysis
What is potential of Product/Market
Is it Growing? _________
use:
Facebook Manager
LinkedIN Business
#7 Buy your Competitors Product
to Test & use
Results:
#8 Talk to your Customers
1)
2)
3)
4)
5)
#9 Financial Analysis
Operational Setup $
Start-up Costs $
Gross Margin %
Average Sale Price $
Unit Cost (materials) $
Variable Cost $ per
Fixed Cost (ie, Overhead) $
Working Capital Needed $
Cash Flow expected (per month) $
Break Even Point (months) __
#10 Alternatives
Business for Sale (cost vs in-house)
Partnerships (benefits to each)
#11 Personnel needed
Additional Management ____ $/
Operators/Techs $/
#12 Legal Requirements
License __ $
Certifications __ $
Permits __ $
Contracts __ $
Insurances __ $
#13 Motivation / Passion for this new Opportunity
[1-10] Why?
#14 Long-Term Vision
Market %
other Goals
Analyzed by ___/___/20
Name Position