The internet is a fabulous medium for easily finding and researching new business or product ideas.

Here are are some of the minimum things you should research before deciding if your new business idea is worth taking forward. Create your final business plan after doing this.

Your target audience, their problems, concerns and interests

Define your ideal target audience and then visit  forums and social media sites they are likely to use. Also, see blogs authored  by your prospective customers.

Check what is already available on the net

Who are going to be your main competitors? What do your prospective customers see when they search the net? How easy is it for existing businesses (your competition) to adapt once your product or service is released?

Who can you partner with? Are there any services or websites that can help you?

If you don’t already have an established web presence, you will find it difficult to get started without help from other sites.  Spend some time and  identify good partner sites.

You should also check the costs for advertising in search engines (Pay Per Click) and social media sites, then allocate  a budget.

Is the business idea scalable?

Where do you want to be an year from now? 2 years? 5 years?
Is your business going to remain profitable over a long term? Will you need to adapt and change often? What are the risks involved? What are the costs of entry for new competitors?