No matter how original your product or service might be, you have to thoroughly search the scope of competition in the market to determine if there is an equivalent concept, product or service already out there.
If there is competition, you have to determine how much of the market share your competitors hold. Studying this information should let you know if the market is ready for entry. Does an opportunity exist for added competitors? Is the market large enough and growing fast enough to let this happen?
If there are no similar products and services then you are off to a great start! You have to analyze the competition and see what products and services are out there and if any could take the place of what you are offering. Does your company have special products and services that are patented in a way to create a block in entering the market? Finally, is there enough market prospects to support your company.
When you have analyzed the opportunity, you must gather together a management team of individuals who you trust and will work well together. Previous start-up background would be a huge asset. Remember, when you are putting a team together you should study the opportunity before wasting other people's time. The more homework you do first, the less likely you are to waste people's time, which is always taboo in the world of business.
You canít just sit down and write a business plan - you have to plan your business. Make an outline with well-thought-out questions for each part of the business. Then, set up meetings with well-planned agendas to flesh out and discuss each one of these questions. It's all about the planning process. Your strategic meetings might not provide all of the answers, or fill in all of the holes that might exist, but they will help develop a practical unit where everyone is on the same page. From here, you can work towards developing a business plan.