Choosing a business idea

Choosing a business idea that will work well for you is paramount to starting a business. It is often the first hurdle that many people stumble over, simply because they have no idea what type of business to start. For the inspiring entrepreneur, there are many options, which include buying a franchise or buying an existing business. Buying a business and buying a franchise are covered in separate sections.

The best place to start is to look at the skills and knowledge that you do have. For instance, if you are in employment could you do your job working for yourself rather than being employed by someone else? Other ideas are listed below.

Could you turn your hobby into a business?
Maybe in your spare time you have gained a skill or knowledge, which could be turned into a business. It could be hair styling, gardening, cooking or writing. With the business know-how, something you take pleasure in doing, could be earning you money!

Copy an idea?
An idea does not have to be novel or even original; in fact very few businesses are based on original ideas. Observe what happens abroad, you could get an idea that has not been tried where you live. Look around, watch the news, observe things around you and think how it could be translated into a business idea.

Look for inspiration
You could be inspired with an idea by looking at trade magazines, attending exhibitions or trade shows. This could provide the seed for a new idea or give you an idea to do it better.

Identify the best market
Apart from choosing an idea based on your skills, you could research markets you believe to be profitable. The ideal market would, for example, be a growing market and have a niche.

New product of process?
Maybe you are a bit of an inventor and have invented a new product or process that you wish to create into a business. If that is the case, make sure you patent your invention with the Patent Office (see address below).

Making it a good e-idea
Whatever business idea you decide, you should also be thinking of how it would translate on the Internet. Your business idea should therefore be an e-idea with the following attributes:

Public appeal - It should be an idea that can be marketed to attract customers and appeal to their imagination.

Offer discount - As a means of increasing your sales and offering an incentive for customers to shop with you on the Internet. Don't forget to build in the discount when you come to pricing your product or service.

Easily transportable - As the Internet is a world wide medium accessed by people from all over the world, you will need to bear in mind how your product will be transported. This is particularly important in determining the success of your business.

Still no idea?
Try brainstorming with friends and family. Invite them to come up with any ideas (it does not matter how silly some of them may sound). A brainstorming session should last no longer than fifteen minutes. It should be a starting point to help you think about the opportunities available.

Hopefully, this should be enough general information to help you make up your mind about your business idea and the important attributes needed to make your idea work. Good luck!

Suggested next stage: Know Your Market