You`ve fully assessed whether you can go ahead and start up your own business, so where do you go from here?

Part of the battle is in having a good business idea.

You might have a great invention, a new product or service, or an original idea or solution to an everyday problem. It doesn`t necessarily have to be something brand new though.

Where you live there could be a need for gardeners, for example. An area might be lived in by a lot of older people who don`t want to, or aren`t able to do their own gardens. They have disposable income, and are willing to pay for a reliable gardening service.

Look for a business idea that is-

Something that fills a gap in the market.

A business related to the work you do already.

A hobby that you can turn into a business.

You need to be sure that your product or service is one that fits with your needs as an individual, as well as being a viable business proposition.

Consider-

What it is that you will personally bring to the business in terms of relevant experience and expertise?

Is there a market - a need for the idea, and customers who will pay for it?

How big is the market, and how will you reach it?

Are there competitors?

Is there anything special about your idea, making it different from similar products or services already out there?

How will you finance your idea?

What might go wrong?

In the example earlier, you might enjoy gardening as an existing hobby, have the physical strength to mow lawns, weed, cut hedges and so on. There are a number of homes in your area where the residents will pay for someone to do the gardens for them. You know that there`s no one else doing the same thing in that area, so little or no competition.

Things to consider-

Can you afford a good, sturdy lawnmower, probably a petrol-type? Although you have some garden tools you`ll perhaps need to add some more to your inventory. Do you have suitable transport to get you and your tools around?

What might go wrong? Tools break or wear out, and need replacing or repairing from time to time. Will you be able to put money aside for these purposes? Normally the bulk of the work is in the spring and summer months, so to a large extent gardening work is seasonal. Can you make do with a reduced income during the colder months? Is there something else you can do to get you through the leaner spells?

If you can tick all the boxes you may be on your way to having a sound business idea.