Good Business Ideas – 3 Essential Checks

Good-Business-Ideas-3-Essential-Checks

To get started with good business ideas you need to think about three essential things

1. First and most important, is there a market for your product or service and what is your competition. You have to know your competition so that you know how to beat them or create a service, or product offering more value.

Will you actually enjoy the work and do you know your market enough to compete professionally and knowledgeably. There are many good business ideas out there but they often rely on market knowledge or previous experience.

If you don’t have the market knowledge then you should think about a mentor or partner to help you through the early days, however you also need to take into account that recruiting an advisor could be expensive unless they are offering services for free.

If you have a partner then you should consider if the business can sustain a partnership especially in the early days when you are working on a low budget.

2. How are you going to advertise and market your business and do you have the resources for an effective advertising campaign. Many Good Business ideas come to nothing in the early days due to over investment in advertising which puts an immediate strain on the business budget.

There are many cheap ways to advertise a business without resorting to expensive advertising campaigns. As the business grows then so can the advertising budget. Here are 5 cheap ways to market your business that I found on entrepreneur magazines website.

Social media, like twitter, facebook, LinkedIn or blogs and forums are other free or low cost ways to get your message, products or services out to a mass audience. Here are 18 ways to market your business on a tiny budget that I found on smarta.com.

So basically it doesn’t matter which business you choose, there are many free and cheap ways to advertise especially in your local community and word of mouth is one of the best ways you will ever find for building your business quickly.

For example how often do you see a conservatory or garage being built onto one house in the street and before you know it, everyone has one!

3. Are you planning to run the business on a full time or perhaps part time basis, whilst carrying on with your regular job.

If you are starting the business full time, does your business plan (essential especially for getting loans or raising investment capital etc) allow for little or no profits in the early months or even years, because unrealistic expectations can be the critical difference between success and failure.

A lot of new business starters are completely unprepared for the setbacks and hardships that are often required in order to get the business success that they crave. They often start with a naïve excitement and over expectation only to find that they have not done their homework properly and run in deep trouble before they are making enough money to offset the costs in the early days.

Keep these import three things in mind whilst you are setting up your business plan and before you launch your new business, remember entrepreneurship and a successful business can flourish, if you invest enough time into it before hand.

 

Please comment and share your ideas and tips.

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