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Part 2: How advanced is your idea?

What is your idea?

Think again about what you are proposing. Is it an entirely new idea, or a tried and tested variation on an existing business? Ask yourself which markets your proposal is targeted at - local, domestic or overseas markets, or a combination of all of these?

Be realistic 

Your business needs to be designed entirely with your customers in mind - they must be at the heart of everything you do from here on.
 
If you have what you believe is a fantastic new idea, ask yourself why nobody else has tried it before. Is it feasible, can you make a decent living from it and are the returns worth the effort?
 
Some budding business owners hit upon what they think is a great new idea, but upon closer inspection they learn that while the idea is sound in principle, it’s not workable or profitable in reality.

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What research have you done?

Don't just take the plunge. Carry out some careful research to help you avoid potential pitfalls.

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Is it easy or hard to set up your business?

Be clear from the outset about the barriers you will face and whether the potential returns in the business will make overcoming them worthwhile.

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Who are your competitors?

What are your competitors offering? Think about how you can set yourself apart from the rest of the market.