Whatever the business idea you have, the success depends upon how feasible it is. So, whenever you get a business idea and you think it’s worth doing, do check the feasibility of the idea before even thinking to do it.
Feasibility of business idea depends on various factors prevailing in your target market and one business idea may be feasible for a certain market but not for other. This may need to do some research as well.
So here we have created a checklist that can help you determining the feasibility of business idea. Conduct the research keeping the point below in mind.
1- Have clear idea of product or service, i.e how is it going to work.
2- How will you protect your idea?
3- Is there a market for your product/service?
4- What skills do you need?
5- Do you have those skills?
6- Who are your competitors?
7-How different is your product/service from others?
8- Do you have the financial capacity to start this idea?
9- If not, then are there some other financing options available?
10- Do you have the exit plan?
Keep your research based on the above points, and you can figure out very easily whether a business idea is feasible or not!