Investigate the potential of your idea
- Clarify Your Idea
- Is It Feasible?
- Who’s Your Market?
Are you thinking about your own business and looking for the resources to assist you in turning your idea into reality? The Virgin Islands SBDC will assist you in organizing your thoughts and vision into a viable business plan. We have the resources and expertise to help you to realize entrepreneurial dream.
How do you develop your idea into something that may turn into a business? Consider the following as a business idea draft:
1. THE IDEA:
- What’s your idea?
- What will your product or service that you’ll offer be?
- Will your business be built from scratch or do you plan on buying an existing business?
2. IS IT FEASIBLE?
- Do you have the skills or experience to be successful at this business?
- Do you know how much money it will take to start?
- What are your plans for financing the business?
- What are your own strengths and weaknesses? Be honest with yourself.
3. Who’s your market?
- Who will be your market?
- Who will your competition be and what are their strengths and weaknesses?
- If you don’t think you have competition, are you sure? If that’s true, is the product or service really wanted?
- What’s unique about your business that will make people want to buy from you instead of this competition?
Business Life Cycle Stages
Some of these resources may be self-explanatory, while others might require the assistance of an SBDC Advisor. If you need assistance, contact the SBDC office nearest you.