Here’s a common scenario I see in business planning:  Before you’ve completed any real market research to validate if your idea would work, you’re thinking about color schemes and names, what your website and logo will look like or where the business will be located.  This is a big mistake because it means you’ll likely spend money and time on an idea that might not work. This is how you prevent it.

Businesses fail because new business owners don’t plan much beyond the first year and they don’t do the right research before they start. Does your business idea make sense to anyone but you? Hopefully!  But how do you know?  You’re going to have to talk to people. Here’s how to validate your business idea.

I hear this a lot: “I’d like to start a business one day, but I’m just not sure where to start – I don’t even have an idea.” If that’s you, here’s a quick thought exercise that may help when you’re just starting to brainstorm and define business ideas.