3. Is My Business Idea Profitable?

Characteristics of Successful Entrepreneurs

One great advantage of being an entrepreneur is being able to do something you are passionate about or love to do. How do you plan to turn your passion into profit?

Can my idea become my business?

Every new business starts with an idea. You will have to do your homework to determine if your idea has the potential to be profitable.

    • Is my idea unique or better than one that exists?
    • Will others benefit from my product or service?
    • Will people be willing to pay it? If so, how much?
    • Do I need to protect my idea with a patent or other intellectual property?
    • Are there laws or regulations that may prevent me from developing my idea?

What will it take to develop my idea?

Once you have a better sense of where you want to go with your project, you will want to consider the steps you need to follow to make that happen. The idea-development process may differ from one product or service to another, but three basic stages of developing any product or service are similar: concept to pilot to market. You are likely to pass through all three of these stages whether you are planning to manufacture a food product, design a technical device or launch a specialized training service.

This is a good time to examine other existing business concepts that are similar to the one you are proposing. Perhaps there is an opportunity to share resources such as experienced expertise or specialized equipment; perhaps you are trying to reach the same markets. The more information you can gather at this stage, the stronger chance you have of getting your product launched successfully.

How do I protect my business idea?

You may want to seek legal advice if you are concerned about protecting your innovative idea or other elements of your business plan. You may require a confidentiality clause or a non-disclosure agreement.

What resources are available to help me develop my business idea?

Depending on the nature of your business idea, a number of professional services and resources are available in PEI to assist you to bring your idea to another level. Check out Innovation PEI’s financial assistance page.

Ready to learn more?

Check out our New Business Checklist to find more helpful resources and considerations for starting a successful business.