Planning the business

Business Idea

Don't have just one idea. Have a dozen! Then select one after the considering its pros and cons and the assessment of risks and offsets.

Having a business idea is the first step to becoming an entrepreneur. Whether you have a totally innovative idea or an existing product or service, the important thing is to be realistic and make sure the idea is viable and in line with market needs.

The business idea is to know what you are going to do or sell, how and to whom.

Remember that sometimes the most successful ideas are the simplest.

At this stage you should ask yourself:

  • What is the purpose of your business?
  • What is the purpose of your product or service?
  • What is the target market and how can you get it?
  • Is your business idea unique? How is your idea different from the market?
  • Is it possible to make a profit from your business idea?

Systematization of the Idea

If you have a business idea yet to be developed, structure the information you have already gathered in this tool as well as possible.

Explore success stories

If you don't have a concrete idea for your business, you can always carry on some ideas already developed and tested in the market. In Portugal, you will find numerous franchising opportunities spread across various economic sectors and with various investments.

We suggest you take the time to explore success stories.

Business Model

A key aspect for the transformation of a good idea into a business is the design of a coherent and complete business model. This model will clarify "how" it intends to generate revenue and add value for the customer.

A concise document, preferably with a visual reading, can define the business idea. This will include the value proposal and the differentiating characteristics of the product/service, the needs it intends to meet, the customer segments, the market strategy, the distribution channels, the relationship with customers, the cost structure, the activities, partners and key resources.

Having clarified the business model, the entrepreneur is able to answer three essential questions - What? How? To whom? - and to consolidate this information by drawing up the business plan.

Useful documents:

Business plan

Once the business model is completed, a business plan should be developed to describe the objectives and which steps should be taken, as well as defining what resources should be allocated in order to meet your goals, and reducing risks and uncertainties. It is a document with a level of detail higher than the business model. 

Developing a business plan is not an easy task. It requires patience, persistence, commitment and a lot of research. Without this plan you risk making investments that are not economically viable, so it is crucial to complete the business plan before making any decisions.

The business plan will be the foundation for building or maintaining your business. It is a detailed document that allows the evaluation and profitability analysis of new investments, to support the dialogue and negotiation with stakeholders, particularly with financiers.

Useful documents: