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Is it new? To find out if the idea is really new, be thorough in your online search. Search base on descriptions of the the problems it solves, how it is used and the benefits. You should also search Google Patents or the USPTO.gov site to look for existing patents in this area. Does it need to be new? "New" is nice, but in a rapidly developing market space like most IoT applications, there may be a lot of room for "better" or "improved." If there is competition, find out how well it is being adapted and used; you may still uncover new opportunities. Is it feasible? This is clearly a loaded question. To determine market feasibility, you will have to answer a number of individual questions, including: - Will the product address a real problem and deliver tangible benefits - Can you make a product that performs the way you want it to? - Will anyone want it if you do? Why? - How many of them are there and who are they? - Can you market it at a price they will be willing to pay for it? - How can you reach and sell to them? - Do they know they want this, or will you need to educate them? - What obstacles will you need to overcome to make a sale? - What will compete with this purchase, both directly (other products) and indirectly (other ways to solve the problem)? I hope that helps. I have been doing a lot of work in the IOT space and would be happy to walk you through a process to help you answer your question.

Please realize that my suggestion would be slightly different if I knew which two countries. However, without knowing that here's what I'd suggestion: 1. Since you're just getting started figure out which country provides the best legal benefits for starting a company. This should include tax benefits, legal protection, and ease when it comes to filing paperwork (incorporating, managing payroll, taxes, etc.). This will undoubtedly save you time and money moving forward, and staying lean. 2. Once you've established your home base country, you'll still need to hire people in the other country as you scale. You may want to think about using a service like oDesk or Elance, not necessarily to recruit people but to manage ALL the paperwork associated with hiring international people. They will of course be given contract status. If you are going to be providing employees equity then I'd suggest consulting a lawyer for how people in the non-home base country will be treated. 3. Reporting revenue. You need to be very careful about whether you are providing goods and services. If it's goods keep in mind that you might be subject to tariffs. If you're providing services then I think you might be in the clear, but please double check. Finally, some countries might have an issue with where the revenue was actually made i.e. are you sitting in your office in your home based country while servicing clients in the non-home base country, or are you actually in the non-home base country. 4. No matter what you'll need to setup a remote working environment for yourself. Invest in the best technology you can, and find clients who are willing to utilize your services on a remote basis. Here are a few additional posts on running a remote team that I've written: http://femgineer.com/2013/09/running-remote-and-making-progress/ http://femgineer.com/2013/03/how-to-transition-to-a-remote-team/

I'm reading a book called, "Disciplined Entrepreneurship: 24 Steps to a Successful Startup" written by Bill Aulet. The 24 steps are broken down into six categories: 1: Who is your customer? 2: What can you do for your customer? 3: How does your customer acquire your product? 4: How do you make money off your product? 5: How do you design and build your product? 6: How do you scale your business Your technically asking a good number of questions and I'm thinking this book might be a good starting point for you.

Hi! I work with entrepreneurs who are exploring opportunities and launching and I lecture in Entrepreneurship on the side. The answer to your question is it depends on the purpose of your business plan and who the audience is. If it's for yourself to help you plan the business, then a good place to start is a business model canvas which quickly captures your ideas and shows you areas you need to focus on. If you are planning on going to a bank for funding, you will need the traditional 20 - 40 page business plan. Some investors will want similar, some won't. You would produce different documents to get key partners or suppliers on board. If the planning and opportunity evaluation process is new to you, you will save a lot of time and money by getting someone on board who can guide you through this process. I'm happy to jump on a call with you to help you with this.

Making sales and figuring out what potential customers want. Really, everything else can be done after you've proven that there really is a business opportunity. www.DavidCBarnett.com