Idea validation

All businesses begin with an idea, but some ideas are better than others. Before you invest time and money into your idea, it is important to test if it is likely to be a viable business opportunity.

You can test your idea by identifying and talking to potential customers, evolving your idea to meet a gap in the market and assessing if the idea will be financially sustainable.

To help small businesses and entrepreneurs to test a business idea, Business Tasmania have developed the Unlocking Business Opportunities Tool.

Through a series of quizzes, this online tool encourages deeper thinking and thorough analysis of an idea against a range of considerations and indicators of business success.

All answers are automatically saved so the questions can be completed at your own pace. The are 40 questions in total, some of which take more time than others to complete, but they enable you to thoroughly understand how far progressed you are in your planning to successfully launch a new business concept.

To test your idea, access the Unlocking Business Opportunities Tool.

Other resources to help you validate your business idea are:

• Lean Market Validation
• Conducting a market survey
• Thinking of starting a business?  A practical guide for Tasmanians – features information on researching your idea and conducting competitor analysis.