create-idea-
imagine that you open A meal prep company, delivery food for athletes.
Idea: The next crucial step in determining the potential for your new product or service requires that you clearly describe how the idea, when commercialized, will cost, generate revenue and become profitable.
How much money will be needed to start the business? [This should be an educated estimate of the total amount needed and an understanding of categories) Here is an example:
The group estimates the idea and subsequent business will need $500,000 to launch. This estimate includes money for research and development (50%), money for initial operations (20%), and money for marketing and sales (30%).
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Where will these monies come from? [Personal savings, friends & family, investors] And how will these start-up monies be managed? [Be as specific as possible]
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How will the start-up products and/or services be priced and how do the prices compare with available alternatives that exist in the marketplace?
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Based on your estimate of cash-flow, how long will it take before the business is profitable on a sustaining basis?
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