Calgary Business Ideas

Almost everyone in Canada at some point in their lives has said, "Do you know what would be a good idea for a business?"

Sadly, and especially if you watch TV shows like the Dragon's Den, very few people know the difference between a good idea and a good idea for a business.

The best way, in my opinion, to determine whether or not an idea for a business is a good one is to draft a mini business plan and invest a couple thousand of your own dollars (or whatever amount you can afford to lose tomorrow) and see if you can make your investment grow.

For many people this approach is not possible. You may need a $200,000 piece of equipment or carry $2,000,000 in inventory to be price competitive. In situations like this a good business analyst can go a long way. You will need someone with an intimate knowledge of the market, marketing, strategy, and business finance.

Fundamental Questions to Ask Yourself

Do you beleive you have what people want? (the product or service?)
Can you deliver that product at a higher quality than the competition?
Can you deliver that product at a lower price than the competition?
Do you have the physical and mental stamina to work 60 to 80 hours a week?
Do you know someone willing to finance your venture? Or, do you have collateral and a good credit rating?

The answers to these questions and other questions in What it takes to Succeed, will help determine if you proceed with the next step - writing a business plan.