How to find an idea for a business – a starting point…
Many people dream of starting their own business, whereas others are forced into it after being made redundant from their job. So how do you find an idea that will be successful and that will work for you?
The key for any business idea is to come up with a business concept that is relevant in today’s market and the majority of successful new businesses are based on existing ideas. So you might like to take an idea that is already successful in the market, be this a product or a service, and perhaps tweak or improve the idea to make it a better offering.
It could be the only change you make is to provide a better customer service than an existing business already offering the business you are thinking of start and thereby make it a bigger success than they do already.
I suggest you review the following four areas when you are looking for an idea for a business:
1. What is your skill set?
Take a look at what you’ve done, as you will have developed a specific set of skills during your career or through hobbies you love to do, which may provide the basis for your new business.
Take a look back over the market sectors and businesses you have worked in and if there are any of these that you particularly enjoyed, plus that are successful in the market, you should consider this as your new business idea. The sectors you found the most enjoyable are more likely to be the best business to start, as you are more likely to excel in this over something you really hated.
However, many people make a great success out of a hobby and by creating a business that focuses on a hobby can secure you a very satisfying future business.
2. What business ideas are going to work?
Do plenty of research and look for areas of growth in the economy – here is a link to the 10 best industries for startup, but just use the Internet for research, there hasn’t been a better time for you to make this task as easy. Look for businesses that are succeeding and check that this is sustainable in the future and then and explore if there is also room for you in the market – be it local or national or even international.
Online shopping is the fastest growing area of the retail trade, whereas high street shops are finding it tough in many sectors, but that’s not to say this will not work so long as the local is good and your product offering is current and on trend.
There are also different opportunities that arise in different markets, so for example there are different opportunities that are thrown up through a depressed economic climate versus those that are around in a market that is booming.
The world is a mush smaller place these days with the internet, which provides both export opportunities and import possibilities to source products from afar and take them into a more local market.
3. Make sure you think long-term
I have already touched on making sure your new business idea has longevity, as the last thing you want to do is to invest in a new business in a shrinking market place. It is likely that you may know the market well if it is an industry that you know either through your previous employment or through a hobby you have, but use this experience and knowledge to your advantage.
Media is a good source of information here, as they are regularly reporting on trends – take a look at what quoted businesses are doing well on the stock market, as this is likely to be indicative of the market for this type of business as a whole.
4. Don’t rule out buying an existing business
Never rule our buying an existing business, as the are some benefits of buying a business that is already up and running. You are effectively buying cash flow and buying in to the fact that the business already works, but beware, buying a business does come with certain pitfalls too.
I always suggest to clients to look on businesses for sale, where there are thousands for sale, it might even help with a business idea too.
By the way, If you are considering buying a business then this may help – Business Purchase Funding System
As always thank you for taking the time to read my blog and if you like what you’ve read, please share it with others.