How to find the right one that can work for you.So it’s a new year which means that there are new opportunities for starting a business, right?Some people would say that now is not the right time to start a business based on the current economic challenges. Others would encourage you to wait until the time is right to find another job with the security of a steady income.So how then, do you block out all the noise and proceed with your business idea despite the warnings of your peers?In this article we will look at five ways to help you determine if you should in fact pursue your new idea to start a business or take the advice of your peers.1. Establish a demand/market: In most cases a good idea can come when you realise there is something that you need that you cannot find easily in the market. Answer these questions first: Are you the only person that would appreciate this new product or service or are there others like you? How much would your customer pay you for providing this product or service? Are there enough customers out there to support you investing in this new business idea?2. Conduct a cost/benefit analysis: Consider what it would cost you to start your business now versus later. Since this country is experiencing an economic downturn, the opportunity to negotiate better contracts and agreements can be to your benefit. If you wait until the economy turns around, you may lose this opportunity to get the best rates.3. Research: Use this time to do thorough research of the industry or market you are trying to enter. Don’t just think it’s a good idea, test it to see if it is in fact as good as you think. The best way to test your idea is to ask your potential customer what they think. In the end what your customer says might help you shape an “ok” idea into a “great” one.4. Build your support: Do not operate in a vacuum. Most successful entrepreneurs have a team that helped them reach their goals. Start building your team. You may be excellent at generating ideas, but can you implement them. A great idea is just that an idea, it takes a team of people to help you make your idea a reality.5. Find the funding: Last but certainly not least is identify what it would cost you to start your new business. Once you know the costs, then figure out how to raise the capital needed. If you can identify the funding either through debt financing, equity financing or through venture capital funding, then help to erase some of the doubt you may feel about whether or not to take advantage of the opportunity of starting your business now.Taking the time to take advantage of new opportunities can be the key to becoming a successful entrepreneur. In some cases timing can be the difference between success and failure. As the new year has started, take time to identify and take advantage of new opportunities to start your business by utilising some of the suggestions above.Jamillah Lodge is a business development officer for Bermuda Economic Development Corporation. She specialises in providing aspiring and existing entrepreneurs with business development advice and loan guarantee assistance. In addition, she manages the marketing and communications plan for the Corporation and oversees the development of a mentorship and youth entrepreneurship programme. She has a degree in Business Administration with a concentration in Marketing. The opinions expressed in this article are those of the writer and should serve a general guide and should not be considered as replacement advice from a lawyer, accountant or other professional service provider. Readers should consult with the appropriate professionals as necessary.If you have questions about starting a business in Bermuda, e-mail info@bedc.bm or call 292-5570.