Developing a new business idea

It is easy to fall in love with what appears to be a brilliant idea, only to have it collapse when exposed to closer scrutiny. This is a ‘brain-dump’ template designed to assist you in pushing your thinking beyond the boundary’s of your company and into the customers life.

What’s your idea?

• Write it down with as much broad detail as possible.
• Your thinking doesn’t have to be complete.
• Don’t start second guessing yourself, be brave.

What ‘problem’ does your business idea solve?

• Describe how this idea improves on what is currently available.
• Maybe it solves an unsolvable problem?

What will customers love about your idea?

• What is so compelling about this new idea?
• Why will customers like it better than the existing product/service?

Who or what will be your main competition?

• Who or what is the competition? Might be a company, lack of money, apathy or even ignorance?

Why is it better than what is being offered?

• Is it just a better product or service? A better way of doing things?
• Is it revolutionary? Why will your idea work?

Will the customer accept it or need to be re-educated?

• Is it an advancement on the current model and so easily understood?
• Or, will customers need to be totally re-educated on how to use it?

Who is going to buy it?

• Who is the target market? New or existing?
• Could you franchise it or sell it through agents?

What will it cost to build/manufacture/market?

• Can you work out a rough cost price?
• Can you fund it yourself or do you need to find partners?

What could you sell it for?

• Can you work out your profit margins?
• Does it have multiple revenue opportunities?