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Starting Your Own Business: Finding the Right Idea
for YOU!
How Do You Find the Perfect Business Idea?
The answer to this question is that the perfect idea probably doesn't exist. Your aim
should be to choose an idea that is practical and workable, given your skills and
experience, and your long-term goals. It should also be an idea that fires your
enthusiasm and something that you can really believe in!
Some new business people find it hard to settle on a single business idea because
they are worried about missing out on new opportunities or narrowing their options
too early on. But remember, even when you have started your business, it is possible
to add new services or products, or even to begin a second or third business. You
and your businesses will continue to grow and develop - so in selecting your first
business idea you are not saying 'no' to other opportunities. However, to give your
first business idea a really strong start you might need to put other ideas on hold for
a while!
Inspiration for your new business may come from:
Inventing something new - some people are naturally good at finding original
solutions to problems. Others come up with completely new ideas based on new
technology or other developments. Sometimes people are driven to invent a solution
when they are faced with a problem in their own life and realize there is no solution...
yet.
Copying someone else's idea - this can be a great starting point. If an idea is
working for one business there's a good chance it could work for yours too. However,
this one needs to be handled with care. If the marketplace is already overcrowded,
you will need to offer something really special to earn your share of customers.
Developing your own skills and interests - building on your own areas of expertise
can be a great starting point, because you probably already understand the market
and the needs of your potential customers quite well. Many people dream of earning
a living doing something they love, and there is no reason why they shouldn't achieve
this goal, given careful planning and hard work.
Business ideas may be found in the most unexpected places or in everyday
situations. Ideas don't need to be wildly inventive or original to succeed: "Often the
simplest and most obvious ideas are the best. When I first started out, I picked up a
yellow pages and flicked through to find out what everyone else was doing. I
reasoned that if they were already doing it, that proved there was at least a market for
it!" says Charlie Stevenson.
Some exercises to get you started:
Assessing Your Idea
So you have your idea... But how good is it really? Will it stand the pressure of the
marketplace? Are there enough potential clients/customers to support your new
business? Is the market already overcrowded? (While an overcrowded market
definitely shouldn't put you off - after all, it shows there is a lot of demand for your
product or service - it is a signal to step back a little and assess the situation
carefully.)
The first and most important question you should ask is:
What is special about my idea? In what way is it different from other, similar products
or services already on offer? Now work through the following questions, jotting down
your answer to each one.
What is it that you will personally bring to the business in terms of relevant
experience and expertise? In what way are you qualified to run this particular
business? And just as importantly, are there any skills or is there any knowledge that
you need to acquire before you can run this business? 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?
Who are your main competitors? How will you fund your business idea? (How much
income do you need?) What might go wrong?
Ultimately your business idea is only a good one of it allows you to create a
successful business.
by Linda Pollitt
for YOU!
How Do You Find the Perfect Business Idea?
The answer to this question is that the perfect idea probably doesn't exist. Your aim
should be to choose an idea that is practical and workable, given your skills and
experience, and your long-term goals. It should also be an idea that fires your
enthusiasm and something that you can really believe in!
Some new business people find it hard to settle on a single business idea because
they are worried about missing out on new opportunities or narrowing their options
too early on. But remember, even when you have started your business, it is possible
to add new services or products, or even to begin a second or third business. You
and your businesses will continue to grow and develop - so in selecting your first
business idea you are not saying 'no' to other opportunities. However, to give your
first business idea a really strong start you might need to put other ideas on hold for
a while!
Inspiration for your new business may come from:
Inventing something new - some people are naturally good at finding original
solutions to problems. Others come up with completely new ideas based on new
technology or other developments. Sometimes people are driven to invent a solution
when they are faced with a problem in their own life and realize there is no solution...
yet.
Copying someone else's idea - this can be a great starting point. If an idea is
working for one business there's a good chance it could work for yours too. However,
this one needs to be handled with care. If the marketplace is already overcrowded,
you will need to offer something really special to earn your share of customers.
Developing your own skills and interests - building on your own areas of expertise
can be a great starting point, because you probably already understand the market
and the needs of your potential customers quite well. Many people dream of earning
a living doing something they love, and there is no reason why they shouldn't achieve
this goal, given careful planning and hard work.
Business ideas may be found in the most unexpected places or in everyday
situations. Ideas don't need to be wildly inventive or original to succeed: "Often the
simplest and most obvious ideas are the best. When I first started out, I picked up a
yellow pages and flicked through to find out what everyone else was doing. I
reasoned that if they were already doing it, that proved there was at least a market for
it!" says Charlie Stevenson.
Some exercises to get you started:
- List all the skills you have.
- Think about the experiences you've gained in your work and personal life. List
the most significant. - List any other hobbies and interest you have.
- Look out for gaps in the market.
- Explore other businesses, and identify those you might be able to copy. Look
for ways in which you could improve on the business in question. What could
you offer that they do not? How could the product/service be improved? - As noted earlier, finding the right idea means being honest about your own
skills and limitations. This is just as important as all the other factors
considered so far, if not more so. - Summarize your key business idea. What product or service are you going to
sell? Who are your clients or customers?
Assessing Your Idea
So you have your idea... But how good is it really? Will it stand the pressure of the
marketplace? Are there enough potential clients/customers to support your new
business? Is the market already overcrowded? (While an overcrowded market
definitely shouldn't put you off - after all, it shows there is a lot of demand for your
product or service - it is a signal to step back a little and assess the situation
carefully.)
The first and most important question you should ask is:
What is special about my idea? In what way is it different from other, similar products
or services already on offer? Now work through the following questions, jotting down
your answer to each one.
What is it that you will personally bring to the business in terms of relevant
experience and expertise? In what way are you qualified to run this particular
business? And just as importantly, are there any skills or is there any knowledge that
you need to acquire before you can run this business? 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?
Who are your main competitors? How will you fund your business idea? (How much
income do you need?) What might go wrong?
Ultimately your business idea is only a good one of it allows you to create a
successful business.
by Linda Pollitt