Business Idea Evaluation - CapitalQ

Business Idea Evaluation

Let us be the first to congratulate you on making the decision (important step one), and then taking the action (arguably the most important part), towards starting your new business.

It’s an exciting time, and we wish you all the best and we hope you get to experience what we have, that there is nothing better than owning and operating your own show!

Now down to work…

A rational mind, and considered decision making is now in order. You need to ensure you don’t get too caught up in all the excitement and develop a blindness to the telltale signs that your idea while being a good idea, may not actually be a viable business idea.

A mentor of ours can often be heard saying “I hate new ideas” when it comes to starting a new business. “I prefer you find a good existing idea, that already works, and then do it better!”

Now we don’t entirely share the sentiment, at the end of the day, where would modern unicorns like Facebook, Uber, AirBnB and the like be if the founders stuck to that mantra.

Having said that, there are two points worth considering –

  1. The idea does have a basis in fact, new ideas are great, but so many don’t translate into viable businesses. Or if they will, they will require a very substantial capital backing to reach their tipping point. How do you know your ideas tipping point, if it’s going to have one, is within your reach?
  2. Those examples we just gave you, to a large extent are actually in fact just improvements on existing businesses. MySpace (amongst others) existed before Facebook, Mark Zuckerberg just did it better. We all know Uber has just taken the idea of taxis (and in particular unregulated private cabs in places like London) and did it better. AirBnB, it might be a bit of a stretch, but really the basis was just doing flat sharing better!

The point is new business ideas are tough, so put the work in up front, before a mistake is made.

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What our customers say

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I was headed for ATO disaster... but thanks to CapitalQ we nipped it in the bud

I know everything there is to know about the services my business provide, and I know how to do it well and how to grow my business. But I know little about, and don’t want to know about, the tax and accounting and administrative side of things. As a result I was always behind, always struggling with paperwork and administration that I never came close to managing or getting on top of. CapitalQ worked with me to get my head above water, then to streamline that side of my business and manage much of it for me. A huge weight was lifted from my shoulders, my stress levels completely subsided and life was great. The result … an unsolicited buy-out offer for my first business (which I accepted) helping to set up financially me and my family for life. I have now started my second business, and they are doing it all over again. Business profits are growing, and I am once again fighting off suitors!
Craig Wilschefski

Craig Wilschefski

Founder and Director of Home Loan Republic and Finance for Fitness

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