Preliminary Analysis: Begin with a preliminary analysis to outline the project scope and identify any major obstacles.
Market Research: Perform detailed
market research to gather data on the target audience, market demand, and competition.
Financial Projections: Develop detailed financial projections, including
revenue models, cost estimates, and profitability analysis.
Technical Evaluation: Assess the technical requirements and feasibility, considering all operational aspects.
Legal and Regulatory Review: Review relevant legal and regulatory requirements to ensure compliance.
Organizational Considerations: Evaluate the organizational needs, including staffing and management structure.
Conclusion and Recommendations: Summarize the findings and provide recommendations on whether to proceed with the business idea.