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Before investing heavily in a new line of business, its important to identify customers who can help you learn quickly about what works and what needs tweaking. Investing in a new line of business requires some basic steps, including identifying the target customer and building a robust customer pipeline . Building the pipeline, however, is not enough–you also want to prioritize that list of potential customers.

A formulaic approach to building a prospect list will help you decide quickly whether a new business has enough potential for growth. Before investing in a new business , or expanding your current business into a new market, it helps to address several questions in order to gain a clear picture of the right business model to pursue. The first involves developing a well-tuned sense of your target customer .

Five tips to make casual encounters into new business opportunities. Plus, an upfront approach from Arel Moodie, co-owner of Extreme Entrepreneurship Education.