My Suggestion Having A Good Business Idea

Status
Not open for further replies.

TeamPlayer

Yellow Belt
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.
 

adams

Yellow Belt
The leaner spells should be given serious consideration. Either save enough to take care or better explore other jobs to sustain during cold months. Be it environmental related or not get something to do and earn more.
 

ipsiness

White Belt
Buissiness is itself is a research where daily new ideas come n gone away but only one in millions stands in market
 

Lewis190

White Belt
My wife and I created a simple online business BUT it means work.
We are freelance writers. Not the glamour you might think , but it pays the bills. We work about 4 hours each a day from home and make about 100 a day doing so. Rich no, but being able to spend time with family is great. Not having to punch a time clock even better. And we can more or less depending on how much we want to work that day.
It is 100% online, even the people we hire are online and I have never met any of them. My costs are low, hosting is 9 a month and a grammar program I use runs me 30. So less than 40 a month I can turn that into a 1800 + a month profit and for me, that works out well.
 

Jesse Brene

White Belt
The idea of online business is a great idea and it can be very effective for many people because it has great output.
 

firsttender

Yellow Belt
Many people believe starting a business is a mysterious process. but they don't how to take first steps. In this chapter, you're going to find out how to get an idea for a business-how you figure out exactly what it is you want to do and then how to take action on it.
 
Status
Not open for further replies.
Top