Conducting a feasibilty study
This is a study that helps you identify whether or not your idea is viable (lucrative). The study addresses the innovation and needs for your product or service, the availability of customers, the ability to enter the industry, the credibility of the team behind the idea and weighs costs to set up the product or service using real-time evidence. NB: this is very important as commercial banks and institutions such as CEDA expect this data to be available before providing any form of funding. Remember to also find out all possible licensing requirements needed in your industry in order for you to have a successful business!