How much do you know about the area?  Will you have to spend extra time and money teaching yourself the business?  Will you have to take on a partner because you don't know the business well enough?

   Experience in the Field

I     In some cases, you may have a lot of knowledge about the subject, but not much experience.  Have you ever owned or worked in this type of business before?  To what extent is hands-on experience crucial to the business?

   Skills

      Concentrate on the skills that are unique to this business only.  To what extent do you possess those skills?  If you lack them, how difficult will it be to acquire them?

   Ease of Entry

      Consider both the costs of entering the business and the competition already in the industry.  For example, a service business that you can run from your home might be relatively inexpensive to start, but if several others are already providing that service, entry in the field may be difficult. 

   Uniqueness

      You don't have to be the only business in town, but what makes your product or service different from those already being offered.  Look for some way to distinguish your product or service from others who are already in business.

   Sufficient Demand

      Do enough consumers need or think they need this product or service? Just because you like it, does that mean there is a big enough market of other consumers who like it or need it?

 Seasonality and Economic Risks

How is your product or service going to hold up over the long-run?  If you sell Christmas ornaments, summers might push you out of business.  If you sell $2000 water fountains, will people buy them if the economy slows down?  Consider the fact that you may need to expand your product/service line to contend with these changes.

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