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Stuck for your business idea? Wouldn’t it be wonderful if one day we woke up with a winning formula for a business. Suddenly we realise that the world needs our business and everything just follows. Unfortunately we don’t live in this type of world and even the Mark Zuckerberg’s and Steve Jobs of this world had some hurdles to face along the way.
So how do you find that winning idea? Experts say that you need to come up with a lot of ideas sometimes to find one that works whilst others say that the plan you start out with might not be the reality of the business you end up with. You may fail several times before you succeed and you may face problems that you could never have planned for.
So where do you start with your business idea?
You need to identify what is needed in the market? Do you have an idea for a product or service that is in short supply but high demand and will your product be welcomed? The best place to start is with an ideas planning session. Write down your ideas and then expand on them. Try and think of all the outcomes – good and bad. Once you start to see a plan formulating think about the practicalities – does this business need investment, what equipment will you need and how are you going to tell people about your business? This is just the tip of the iceberg but it all needs to be considered. One great tip is to carry around a small notebook or make notes on your smartphone so even when you think of ideas in the oddest of places you will be able to capture them.
Who will your customers be?
Without customers you have no business. You need to research the marketplace and make sure you will have customers. Conduct research by asking people whether they would buy your products, use your service, how much they would be prepared to pay and how often they would use your business? How are you going to find your customers? Advertising is a key overhead for a lot of business and can be a large money pit if not done correctly.
How much will you charge?
This is really important before you launch a business. You need to work out if it will make enough money. If you are selling products at 50p a lot of products will need to be sold to see a return. If you are offering a service that you charge for by the hour will you be able to make enough for the amount of hours that you can work? It is important to think about the money that you need to make to make it a worthwhile investment of your time and money.
How do you start?
Make a plan, build a time line and set goals. If you are going to do it you need to do it right otherwise going into it with no particular plan or schedule could be your downfall. If you feel it is right then trust your instinct but make sure you do your research!