BizLab – a quick overview:
You will be asked to answer 40 questions. Once you have completed the questionnaire you can download the report with your responses plotted as a spider diagram (or diagnostic profile) against these three key business issues:
- Market viability – is there a market for your idea and can you make money from it?
- Risk of failure - how aware are you of existing risks to your business and how well positioned are you to anticipate future risks?
- Business model – do you have a business that creates, delivers and captures value for your customer, i.e., will it make money and be sustainable?
What will you get?
The spider diagram will allow you to easily identify the strengths and weaknesses of your business idea. You will also receive a numerical score between 1 and 100 that indicates the overall commercial feasibility of your business or business idea. The report also provides some suggested actions and activities to address some of your identified weaknesses.
BizLab is one of many tools that you can use to develop your idea of business. You should never rely on one source of information but rather get a range of perspectives to help you overcome hurdles and achieve your business goals. Lighthouse offers both face-to-face and virtual consultations, workshops and business reviews to help you work through those areas of your business concept that need work.
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