Every successful venture starts with a promising idea, and you’ve got a great one. You’re ready to take the leap — but how do you know if your idea will float or sink? Asking the right questions can help you understand what it takes to transform a great idea into a qualified opportunity. Ultimately, looking at the feasibility can help you find out if it’s worth investing your time and money.
Ready to see how your business idea measures up? Consider the following aspects of your plan to see if you’re ready to dive in.
Spend time learning about the industry and current market for the product or service. Be sure to identify potential customers and competitors.
Get specific about the logistics of your operation -- including how you will deliver the products and services, as well as the tools and technology required.
Find out if you have the framework and resources in place to make your business idea financially viable.
Legal and regulatory matters
Be sure to investigate any legal and regulatory issues that could affect your feasibility evaluation.
Compile your findings to create a feasibility study. If you’re confident about moving forward with your plan, share it with other stakeholders. Having this documentation and a business plan will help make your case to investors, lenders and other stakeholders.
Financing a startup
If you need a business loan or line of credit to get started, talk to a business banker at California Bank & Trust. We can help connect you with SBA loans and other small-business financing options. Contact us at (800) 355-0507 or visit a branch near you.[cite::171::cite] [cite::172::cite]