logo
search menu open menu close
  • Verslauk - Versli LietuvaStart
  • Plėskis - Versli LietuvaGrow
  • Eksportuok - Versli LietuvaBusiness sectors
  • Analitika - Versli LietuvaAnalytical products
  • Paslaugos - Versli LietuvaServices
  • Naujienos - Versli LietuvaNews
  • Renginiai - Versli LietuvaEvents
  • About us
  • Kontaktai - Versli LietuvaContacts
  • Verslauk - Versli LietuvaStart
  • Plėskis - Versli LietuvaGrow
  • Eksportuok - Versli LietuvaBusiness sectors
  • Analitika - Versli LietuvaAnalytical products
  • Paslaugos - Versli LietuvaServices
  • Naujienos - Versli LietuvaNews
  • Renginiai - Versli LietuvaEvents
  • About us
  • Kontaktai - Versli LietuvaContacts
Newsletter
Subscribe to the newsletter and get the latest news first
Sutinku su „Versli Lietuva“ privatumo politika.
Newsletter subscribed successfully!
Consult us
  • LT
  • EN

Home Start Business Idea

Business Idea

While looking for a business idea and planning its development, a few key steps are important: evaluation of available resources, search for a business idea, evaluation of the idea, and preparations for its development.

  1. Evaluation of available resources

Prior to searching for a business idea, you have to assess objectively whether your resources are sufficient for the development of the idea into a successful business. You will have to commit various resources for the development of a business idea: your time, your communication, creativity and entrepreneurial skills, knowledge and experience, connections, real estate, tools, funds etc.

2.Search for a business idea

You can get ideas for business from a variety of sources:

  • Personal needs. Prior to starting the development of a business idea it is always worthwhile to start from your nearest environment. Think about what product or service you or people close to you lack most often, and what would you consider as a useful, efficient and needed product/service. Be creative and practical – identification of the lacking product or service could become a niche for your business.
  • Available professional capabilities. Starting a business while having specific experience or education in a certain area is both useful and purposeful: you will realise your professional capabilities and the customer will receive a quality product or service.
  • Experience of other countries. Use best practices and examples from foreign countries – creation and development of products or services recognised abroad in Lithuania can be an excellent idea for a new business.
  • Be open to novelties, observe people and their preferences and choices, and follow global trends. Often a new product or service become popular in an instant – if you spot a potential idea, develop it.

3. Evaluation of the business idea

Prior to starting business, evaluate your idea critically by answering the following questions:

  • What will the start of business cost you? Do you have enough money?
  • If you will need additional financing, will you be able to meet requirements set by the banks?
  • Why your idea is more advantageous than the ideas already available in the market?
  • The market for your product or service: is it increasing or shrinking? What market share you would get?
  • Why your product or service will be needed?
  • Who will be your consumers, how can you characterise them?
  • Who will be your competitors and what are you advantages? Will you be able to compete with competitors already established in the market?
  • When production of the product or provision of the service will become profitable?
  • Share your idea. This can be useful as you will hear opinions and observations from your friends, family and other people. While sharing the idea you can see its deficiencies and improve it. In addition, this is an excellent opportunity to find business partners.

4. Preparations for the development of the idea

  • Prepare a business plan:
  • Set your objectives – identify what action will lead to what results;
  • Identify potential threats and opportunities, strengths and weaknesses;
  • Using the Business Plan Calculator, check what profit you will earn and whether you can incur a loss during the first 5 years of your business;
  • Decide on the form of business: individual activities under a business certificate or a business licence, or formation of an enterprise – a small partnership, a private company;
  • Obtain required permits and licences. Business information provided will help you identify the requisite licences and their issuance procedures;
  • Secure initial funding for the business.
Was this page helpful?
Thanks for your feedback
Yes
No
Contact us

I agree with „Enterprise Lithuania“ Privacy policy.

I agree with „Enterprise Lithuania“ Privacy policy.

I agree with „Enterprise Lithuania“ Privacy policy.

I agree with „Enterprise Lithuania“ Privacy policy.

I agree with „Enterprise Lithuania“ Privacy policy.

Contacts

Enterprise Lithuania
A. Goštauto st. 40 A, LT-03163 Vilnius, Lithuania
Phone: +370 (5) 249 90 83
E-mail: info@enterpriselithuania.com
Company code: 302454111
VAT number: LT100005125012

Working hours

Monday – Friday 8.00 – 17.00
Lunch break 12.00 – 13.00

Privacy policy
facebook twitter linkedin youtube

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Privacy policy

Versli Lietuva
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!