Examining data that may indicate prospects for your business
success is important, but it’s easy to become overinvolved in
research and lose sight of your reason for examining that data in
the first place. Your reason is to get an indication that you are or
4 / Great Idea, but Will It Fly? (Up-Front Research) 61
are not on the right track and to perhaps modify that track based
on the data. Don’t fall into the trap of overanalyzing the minutiae
of charts and graphs merely for the sake of doing research.
Such data won’t answer all your questions. Once you’ve gleaned
from it whatever information you can that is relevant to your venture,
the rest is academic and not productive from a lifestyle business
point of view.
To avoid the seductive trap of research for research’s sake, it
is best to focus on a few clearly defined questions covering exactly
what information you’re after. Examples are found in the titles of
the following five sections.
This question is as straightforward as it is essential. If your
business concept is to set up a wine-tasting business in a town
that prohibits serving alcohol for all commercial purposes, you
don’t need to spend time on more research of that concept until
you find a different venue. Similarly, if you plan to consult on
alternative medicine in a state that requires a medical license for
this type of consulting, you don’t need to go further unless you
have that credential.
A call to your attorney would be a good step to avoid legal
obstacles. In many cases, you’ll get an immediate green light
(and you hope a very small bill, if any). In other instances, your
attorney may have to do some checking. If you’re reluctant to pay
a lawyer, you can contact your state’s department of business regulation
to find out if there are legal restrictions that apply in
your case. However, government bureaucrats tend to focus narrowly
on the issue at hand; it is not their job to seek alternative
approaches nor seek solutions to your problem. Unless you ask
precisely the right questions, you may not get the right answers.
Further, the state’s personnel may not advise you (or may not
know) about county or municipal restrictions that could be obstacles.
If your research reveals any questions at all about legal
obstacles, then you absolutely must consult an attorney; the
money spent for a brief consultation may save a great deal more
money and aggravation in the long run.
Email:
info@walmartcom.net
