If you plan to launch a new product or service, you have plenty to think about beyond mortgaging your house or quitting your day job. Completing market research, identifying your competitive advantage and forging a financial plan are just some of the tasks you'll need to focus on when you're chasing your dream.

You're not alone. In recent years, the shaky economy has forced more and more people to go from being employees to becoming entrepreneurs or inventors. And while there's a lot of information for entrepreneurs and small businesses in books and on the Internet, young companies need more direction when it comes to making business decisions.

That's the philosophy behind the "Building Your Business" workshops at the Innovation Synergy Centre in Markham (ISCM), Ontario. Offered free of charge over five consecutive weeks, the sessions provide participants with the support they need to decide whether a product or product idea will translate into a profitable business.

In the program, entrepreneurs and inventors learn about the critical components for developing a profitable business and review their business skills, goals, market strategy, potential partnerships and financial plan. Most participants gain a solid formula for a viable business, while others discover that their ideas were never viable businesses in the first place.

ISCM works with hundreds of small and medium-sized businesses and takes the approach that there's no such thing as a "one-size-fits-all" way to assist growing enterprises. The "Building Your Business" workshops offer professional guidance and mentoring as well as a peer review of participants' products or ideas. Those who participate come away with an "elevator speech" and a business pitch that can open doors to markets, partnerships and financing opportunities.