Do you have an idea for a business of your own that you’ve been kicking around for a while without knowing whether to follow up or not? When your friends hear you talk, do they say you might have a winner? Would you like to discover your chances for success before you actually start the business? Would you like to have the possibility of making your dreams come true? Read on!

BASIC ANSWERS
The start of your search for reasons to go or no-go a business of your own begins with the answer to two main questions: “Is there anyone out there that would pay real money for what I am going to do?”, and am I up to doing what I would have to do to make everything happen that needs to happen?” This means you need to analyze yourself, your market, and your competition. Then make a decision. Here’s how.

THE BIG PICTURE
Even though you came up with your idea in a spurt of genius, there are forces out there that led you down the path. What has changed in your life? What is happening nationally and locally to businesses similar to the one you propose? Is demand increasing? Has there been a shift of some sort that changes the picture for profitability of similar businesses? Collect newspaper and magazine articles to back up what you say. Write out your results. Make a case for your new business. Do the grunt work necessary to prove your point.

ANALYZE YOURSELF
You will be the focus of your business, so look at the strengths you have that would help your business succeed. If your business is a "people" business, are you good with people? Do you have the special skills and talents required? Do you have the patience as well as the time and money needed to get started? Do you have the necessary tax and accounting knowledge? What about safety and labor laws? How about management skills? Remember, if you don’t have these skills, talk with free experts like those at the Small Business Administration. Hiring this help will cost you money better spent elsewhere.

Make two lists. On one, list the Big Picture Facts you’ve gathered that say this could be the business of your dreams. The second list is a Skills-Source list with the left side of this second list cataloging all the skills you know you will need, and on the right side a determination of how these needs will be met. Will you be able to do them or will you need to hire someone else to do them? Be honest. There are only a few hours in a day when you won’t be out rounding up and servicing customers, so in reality you won’t have much time to do the back-office work. Decide if you have the talents, skills, money, background, and everything else needed to make your dream come true.

THE OTHER PLAYERS
Yes, I know your business is different, but make a chart showing your similar-product/service competitors, what similar items they sell, how much they charge, where the customer has to go to obtain the product, how it's packaged, and other facts. Add another column of what is missing from your competitor's offering that you would supply. Indicate how you would supply that missing item to the customer.

ASK QUESTIONS
If you’ve really done the above, you will have an excellent idea of where to find your customers. With your competitive analysis in hand, visit a few potential customers and ask questions such as: “Do you want or need the X, Y, or Z we could add to the product or service mix or is there something else you need or want?” “What would be the benefit to you if we could supply these?” and “What would you be willing to pay for these new features?” The answers may send you back to the drawing board, but that’s what you want!

MAKE A DECISION
The end result of your work will be the best analysis of your chances for success. Results from a research firm will be quicker, maybe more refined and detailed, but will not provide you with better decision material. Remember, it’s your life. The final decision is yours.

(NOTE TO EDITORS: PLEASE INCLUDE THE FOLLOWING.)
Paul Tulenko is a Small Business Success Consultant based in New Mexico. Additional tips and suggestions are available at www.tulenko.com or call (toll-free) 1-866-TULENKO.