Every business starts with an idea.

An idea is not the same as a business opportunity. The Unlocking Business Opportunities Tool helps you explore the potential of your idea through a series of short, practical questions. These questions will help you understand how your idea might work and where it may need more development.

The tool encourages deeper thinking that can help you to re-evaluate and improve your idea.

All information entered in this tool is confidential and your personal information is protected.

The tool consists of 40 questions divided into three quizzes that cover the following focus areas:

Market viability helps you work out whether enough people are likely to buy your product or service. It looks at:

• Expected demand: how many people may want your product and how interest may change. For example, what do you know about the size of your target market? Is it increasing or decreasing? How long will the demand for your idea last?
• Market acceptance: whether customers need your product or service, understand its benefits and are likely to use it. For example, can potential customers understand the benefits of your idea? Is it complicated to use? Will it be costly to distribute to your customers?
• Market strength: how your idea compares with competing products or services, how much customers value it, and whether customers or suppliers could have a strong influence on your business.

Risk helps you consider the factors that could influence your idea’s success. Planning how you will manage risks before you start can reduce the impact that risk may have on your idea. It looks at:

• External risks: things outside your control that could affect your business idea. For example, is your idea vulnerable to changes in technology? Is it exposed to changes in the economy? Does your idea comply with regulatory requirements?
• Internal risks: factors within your control. For example, how will you transform your idea into an operating business? Do you understand what your customers want? Will there be enough money to make it through the start-up phase?

This section helps you think about how your idea will make money.

It considers the expertise and resources that your idea will need to achieve the intended results and then asks you to forecast the financial outcomes of the idea to see if it will make more money than it costs to run.

• Expertise: looks at the specialised knowledge that will be required to get the most out of an idea. This includes marketing, technical, financial, operational and managerial expertise.
• Resources: are the elements that can be used to generate value or profit from your idea. Resources include financial, physical, human resources, information, and access to help and assistance.
• Financial performance: helps you assess whether your idea is likely to make a profit and support itself financially over time. You’ll start with a realistic forecast of the sales revenue that can be generated from your idea and look at the money that needs to be invested, how much profit can be generated and when sales income will cover business costs.

Each question includes a short explanation to help you think through your idea.

When all sections are complete, the tool creates petal graphs showing the strengths and weaknesses of your idea. Larger petals mean stronger results.

After you complete all 40 questions, the tool will give your idea a Commercial Feasibility Rating score out of 100. This is an overall indication of the commercial potential of your idea based on your responses.

These ratings are a guide only and should not be taken as a guarantee your business idea will succeed or fail.

If your idea receives a high rating, then you may wish to consider taking the next steps in your business journey. If you receive a low rating, you can work to improve the weaker areas of your idea or move onto another idea.