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Does Your Small Business Idea Have Legs?

June 12, 2019 | Small Business Loans
Does Your Small Business Idea Have Legs?

This blog post on how to determine whether your small business idea has legs originally published on Venturize, a blog powered by our content partner Small Business Majority. They are a national organization that advocates for small business owners. This post was written by Julia Jamieson.

Congratulations, you have a great idea for a new business and want to start your journey as an entrepreneur. But starting a business can seem like a daunting task and you might need some help figuring out if you’re ready to turn your idea into a reality.

Read on for tips to help you determine if your business idea has legs:

Validate your small business idea

Before spending any money on starting a business, do your homework. There are a few questions you should ask to figure out if your idea is a good bet or not.

Is there a strong need for your idea?

In order to be in business, someone must pay for your product or service.

Related: How to start a home-based business

Does your product or service already exist?

Do you understand your competition?

You need to know your competitors, what they are charging and be able to clearly articulate how you are different.

What is your value proposition?

Another way of saying, “Why should I (the customer) choose you (the business)?”

Is there a market for my business idea?

You know what you are selling, but to whom are you selling?

Related: Are small business loans hard to get?

Are you committed to your small business idea?

Starting a business is no easy feat, and chances are you’ll work harder than you ever have. The most successful business owners are fully committed to their idea and will do whatever it takes to get their business off the ground.

I’ve answered yes, now what?

If you can answer these questions positively, there’s a good chance your small business idea has a solid foundation. However, don’t put out the “Open for Business” sign quite yet. You also need to make sure your idea is financially viable and that you’ve considered the costs involved.

For more on helpful articles on small business, visit Venturize’s website.

Are you ready to look for a small business loan?

One of the nation’s leading small business lenders, CDC Small Business Finance has provided more than $18 billion in loans to entrepreneurs in California, Arizona and Nevada. Unlike traditional banks, CDC has more flexibility when it comes to saying yes to requests for financing that’s affordable and .

Tell our loan experts about your business, and they’ll work to match you with a financing plan that best suits you. Let’s talk! Reach us at loaninfo@cdcloans.com or (619) 243-8667.

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