You want to own your business rather than being an employee, but you don’t have any clear idea of what that business will entail. How do you come up with some good business ideas?
Good business ideas – what works for you?
If you don’t already have a business idea working out what would work for you personally is a great place to start.
First, get a piece of paper – probably a big one – and draw a line down the centre vertically and the same horizontally to give you four separate sections. Give each section a heading:
- Things I’m good at.
- Things I like doing.
- Things I’m not good at.
- Things I don’t like doing.
Spend some time filling these sections in maybe revisiting them several times, but write whatever comes naturally – this is for your eyes only.
Section a separate piece of paper into two and list all the products and services that interest you or for which you think there may be a gap in the market, both in your personal and business life.
Finally, create a third document that reviews what you need to get from your business.
- What are your outgoings? How much money do you need to survive?
- How much money would you like to take home?
- How much time can you commit to your business?
- Where would you prefer to work?
Take a look at all three documents. You should probably find that something emerges that you’re both good at and you enjoy doing, which can also form the basis of a business for you.
What works for others?
Using much the same principle as what works for you ask a few of your family and friends to fill in the same first two forms.
The first (four-part) form should be filled in about you – what do they think you’re good at and not so good at etc?
The second form should be completed as themselves, allowing you insight into what products and services may be in demand.
Looking at these and comparing with your own results will deepen your understanding of your own strengths, as well as any market needs.
What’s hot on the market
While it can be tempting to steer clear of other business ideas that are already doing well sometimes choosing to emulate and build upon an existing idea with your own unique take can make for a successful business. The key is in your research – looking at what makes that business a success, who their customers are and where they’re located, to find a gap to fill.
Take the time to test the waters
Any research is key whatever your business idea. You need to understand your market, who they are, where they are, how they buy, what they need and why they need it.
While getting professionals to carry out your research can take much of the time-consuming elements of research off your plate this can be expensive and it can be very rewarding to do your research yourself. Carry out focus groups and surveys and analyse third-party data, as well as the competition, online.
Your good business ideas – the first step to your company formation
Choosing good business ideas is only the first step on your journey to setting up your business. And once you have completed all the key steps you’ll be ready to register your company and start trading.
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