Camile Thai has released a 10-step test to find out whether a business concept is viable.
The restaurant franchise is supporting budding entrepreneurs to turn their business ideas into real-life ventures. Brody Sweeney, who founded Camile Thai, has come up with 10 key indicators of a great business concept.
Here’s his 10-point checklist:
1. You’ve slept on it
2. You’ve explained it to 10 people outside your family to see how they react
3. It’s within your capability to do it
4. You can afford it / are able to get it funding
5. You’re able to deal with things not working out, and can adapt accordingly
6. You’ve researched the idea and made a plan
7. You’ve trialled it
8. You’ve worked out how to reduce the risk
9. You’ve figured out that it can be sufficiently profitable to satisfy your requirements
10. You have identified your USPs
According to Brody, the world is full of good ideas, but there aren’t many people who are willing and able to execute them. He said,
“Dreaming about starting a new business is a heady, thrilling and exciting adventure that may cause sleepless nights, as you contemplate the success of the new venture and your part in it as the heroic leader. But starting any new venture is fraught with risk; there are so many unknowns, and so many things to think of, not least of which is your ability to run it.”
Brody stressed that his 10-point checklist can’t provide a guarantee of success; instead, prospective business owners should use it to see whether their idea could realistically work.
If you’re interested in starting a restaurant business, Camile Thai can help you achieve your goal. Take a look at the franchise’s profile page, linked above, to find out more about the investment process.
Alice Tuffery, Point Franchise ©