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Analyzing/Overanalyzing

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royemunson

Contributor
Read Millionaire Fastlane
Jul 24, 2007
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SW Ohio
How do you guys analyze your ideas. Many times I'll get stuck in
research and many obviously do. this is why we have paralysis of analysis.

I know there are no definites and there is risk, but how do you
take your 10-100 ideas and determine if they are viable compared
to what is or isn't out there??

Many people have great ideas, but the problem many have is taking
it each step to turn that idea into something.

Just wondering. I am an accountant, so I understand the fundamentals,
but determining a viable business idea is the challenge sometimes.
:smx5:
Joe
 

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JScott

Legendary Contributor
EPIC CONTRIBUTOR
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Aug 24, 2007
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Here's my technique...

Write a one-pager document for each idea that includes the following information:
- Elevator Pitch of the Idea (basically, a 30-second pitch to explain to anyone the idea)
- Target Market (who are your customers)
- Business Model (how will you make money)
- Potential Revenue (estimate of how much you could make if executed well)
- Competition (who are your competitors)

With all your one-pagers in hand, ask a business-person you trust/respect to quickly read through them, and pick the 1 or 2 or 3 that stand out.

For those couple that are highlighted, write a full business plan.

Take the best business plan (by the time you've finished writing two or three, one will definitely stand out as your favorite), give it to some people who have some money, and ask them to invest.

If they're not willing to invest, ask them why not. Is it a bad idea? Is the business plan not convincing or lacking in detail/information?

And if they are willing to invest, now you have some capital as well... :)
 

Peter2

Fastane Legend. RIP.
Aug 2, 2007
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Palm Beach, FL
1: Self-Assessment

Am I suited for running my own business?
2: Business Idea

Do I have a viable business idea?
3: Market Analysis

Is there a market for my business idea?
4: Management Skills

Do I have the skills needed to make this work?
5: Business Plan

Do I have a complete business plan?
6: Forecasting

Do I have a realistic forecast of revenues and costs?
7: Financing

Am I aware of my business financing needs?
8: Outside Resources

Do I understand what forms of venture assistance may be available to me from the public agency arena?
9: Venture Launch

Do I have the licenses, approvals and other issues covered that are needed for actually starting the new business?
10: Monitor Progress

Am I prepared to monitor and control operations once started?


If you can answer YES to all 10, you probably have a viable business. :banana:
 

Runum

Platinum Contributor
FASTLANE INSIDER
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Aug 8, 2007
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Good posts with great info.

My business right now is RE investments. My analysis involves strictly numbers. My realtor says he sees a property and falls in love with it. I see the numbers and I decide whether I like it or not. I made myself a pretty simple spreadsheet and I ask my realtor to provide me with the numbers, ie existing rental rates, potential rental rates, and property tax info. I have a good idea of the insurance cost and I have a great inspector. I can usually figure if the deal is a go within a couple of hours. Knock on wood, I haven't been burned yet.

As far as creating or buying a business, I have yet to learn that. I am in the planning and evaluation stages right now.:cheers:
 

TK1

Silver Contributor
Speedway Pass
Mar 31, 2011
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Rep+++ given :/

1: Self-Assessment

Am I suited for running my own business?
2: Business Idea

Do I have a viable business idea?
3: Market Analysis

Is there a market for my business idea?
4: Management Skills

Do I have the skills needed to make this work?
5: Business Plan

Do I have a complete business plan?
6: Forecasting

Do I have a realistic forecast of revenues and costs?
7: Financing

Am I aware of my business financing needs?
8: Outside Resources

Do I understand what forms of venture assistance may be available to me from the public agency arena?
9: Venture Launch

Do I have the licenses, approvals and other issues covered that are needed for actually starting the new business?
10: Monitor Progress

Am I prepared to monitor and control operations once started?


If you can answer YES to all 10, you probably have a viable business. :banana:
 

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