The third stage of business development addresses the viability of your business idea and its possibility of success. At this point you will have discussed your idea with your support network and future strategic partners and have their buy-in. Now it is time to take a hard look at their feedback and start market research.
The big question that the feasibility stage asks is: “does data exist to support what I want to do?” You will need a thorough understanding of your target market and your competition before you move forward. Stage 3 requires both secondary and primary research. Secondary research consists of previous studies and reports, such as U.S. Census Bureau demographics or industry reports. These are general in nature. Primary research relates specifically to your target market and could be surveys or focus groups.
As with great architecture, a great business is built on a solid foundation. Your investment of time, energy and strategic planning now will ensure your future small business is a strong competitor.
Up Next: Stage 4