Business Readiness Survey

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Every successful business has found a niche and is filling it. The most crucial problems you will face in your early planning will be to find your niche and determine the feasibility of your idea. "Get into the right business at the right time" is very good advice but following that advice may be difficult. Many entrepreneurs plunge into a business venture so blinded by the dream that they fail to thoroughly evaluate its potential. Before you invest time, effort, and money the following exercise will help you separate sound ideas from those bearing a high potential for failure.
Is Your Idea Feasible?
Identify and briefly describe the business you plan to start*
Identify the product or service you plan to sell
What unfilled need does your product or service satisfy?
Will your product or service serve an existing market in which demand exceeds supply?
Describe how you have verified your market through research.
How will your product or service be competitive? (Quality, selection, price, location, etc.)
How much will your product or services sell for?
How do you plan to promote your business?

Finance Capability
How much money will you need to start your business? Specify initial inventory and equipment.*
Use the Starting a Business Checklist for a template of start-up expenses.
What percentage of what you need do you have?
Lenders typically require 20-30% owner equity.
Do you have sufficient collateral to support the remaining loan amount?
Typically owners' home equity is signed over to the lender.
How much money will you need to stay in business?
Use the form at the end of the Going into business checklist to help you figure your operating expenses - wsbdc.org/services/start/where-do-i-start/ -in the Go section
Your credit score rating is:
- Under 649
- Fair: 650-699
- Good: 700-749
- Excellent: over 750

Personal Considerations