Think your great idea has what it takes to make you a million dollars? Before you empty your bank account to fund your new business, consider the points listed in this post.

You've just experience one of the spur of the moment type of things when you realize that you've got a great idea for a business. Remaining true to your entrepreneurial mindset, you've decide to bring that thought into physical form.

But wait a minute. Before you place a large amount of your own money into this business venture, you better not jump to any conclusions about the success of your business.

Will it sell and can you live off the profits?
Yeah, there have been courageous entrepreneurs who have been lucky without researching their market or knowing beforehand the likely profit return. Just like any other investment, it is important for you to understand that the proper research is mandatory before moving your savings into your new enterprise.

If you honestly think that your product or service meets a real demand in the marketplace, obtain feedback from other people, businesses, and industry experts. What do they have to say about your great idea? If your idea is based on a product, build a sample if possible, and show that as well.

As quirky as your idea may be, you will always discover that you would be competing with another business. See if your competition's idea is better, unique, or more appealing? Realizing what your competitors are working on will help you in do it even better.

And have you thought about whom you are targeting? Focus on size, average income, age, and location. Is your market increasing or decreasing? How much will they pay?

The next step is to see if whether your new business will bring in enough money for you to live off of. A simple way of doing this is to determine your costs and see where your profit point is, the moment when sales cover everything.

The prices that you charge must cover business costs, bring in the right number of profits, and remain competitive and in tune with what customers will pay.

Promoting your business
It's hard enough to come up with a perfect product at a price that is competitive. If you want your new business to become a success, you must get the word out. Just follow these basic guidelines to get things going:

Business Cards
A high quality business card is your business's bestest friend. Hand them out to everyone you know. Make sure you have an appealing logo, a brief description, and contact information.

Every business must have a professionally designed website. You also want your customer and many others to learn about your business and what products or services you specialize in.

This is a great way to market at such a low price. It's a genuine way to bring in sales leads, offer coupons or deals, drive targeted traffic to your website or bring up new products or services.

Become a part of your local Chamber of Commerce and several other service organizations. Go to meetings and get really involved with those in your community. This will significantly help new businesses and their owners get the word out.

General advertising
Budget a reasonable amount for advertising. This should include local newspapers, business directories, Angie's List, Craigslist, etc.