I attended a private school Global Infosource in Canada to get a start on my business.

70% of new business's that go through their program are still up and running and making money after 3 yrs.
These stats are excellent. In Canada, 50% of business's fail in the first year.

Here are some things they had us do:

1) Determine who is going to PAY for your product? Who is your target market?
2) Market research. Once you determine who your target market is, collect information and data to see how many people in your area fit that.
3) A market survey. You must be very careful in how you ask the questions but it provides a lot of very useful information if done properly.
4) The Business Plan- Alot of people think this is all about the finances. For me, I learnt alot.

There's alot of pre-study that needs to be done before making a decision.

Good luck!