Where can I find a good business idea?
Many people think that all you need to start a business is one good idea. While that can sometimes be true, the best foundation for business success is to have several possibilities for creating profits. It is a worthwhile exercise to explore additional products, services, procedures and processes that may enhance your initial idea. The best and most successful businesses are often the ones that are unique or innovative.
Many entrepreneurs take a planned approach by starting a detailed search for business opportunities such as:
- Supply shortages
- Market gaps
- Business ideas that have been successful elsewhere
- Ways of selling special, unique or rare personal skills and abilities
- Products or services that will make life easier for people
Before you start your business, consider the following
- Is your idea original?
- Will people be willing to pay for your products / services?
- Is your product / service able to compete in the marketplace?
- Do you have a product or idea that requires intellectual properties protection?
- Are you manufacturing your product or importing your product?
- What resources do you need to do your business?
- Is there a way to evaluate your idea?
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