Small Business Ideas

First Steps.

Small business ideas are the foundation of profitable business but not exclusively. There are two types of business start-ups. The first is usually someone who decides to start a business, and then evaluates the possibilities, franchising, internet local store etc. These people are the backbone of our commercial system. Like all business there are risks involved, although careful preparation can reduce these, indeed later topics on this site equally apply to these business people.

Here are some small business ideas for those who need some stimulation.

The second type of start-up is usually someone who sees an opportunity in everyday life, the idea may be exclusive to you or something commonly known but not seen in a commercial light by other people. It may also be exclusive to you and you wish to keep it that way.

Therefore, the first problem is to get someone to help, this could be a lawyer, accountant banker etc. initially you do not have to let anyone know the details of the idea. Many small business ideas are cloned or stolen or otherwise thwarted before being able to make profit.

The preferred way of going about getting help is to consult a specialist in the industry where your idea belongs and ask him or her to complete a confidentiality agreement. If the person consulted is used to advising on business ideas then this should be no problem and normally they will be able to supply the correct form of agreement for your legal person to look over if required.

Confidentiality agreements are quite 'leaky' and difficult to enforce, particularly internationally and if your finances are limited. The best test is to go to a specialist with many years experience who has a record of accomplishment or recommended by an existing client. Have a look on the net to see the founding year of the business, poor advisors will not usually last long.

It may also be the case that you personally have experience in the realm of your Small Business Ideas, in which case I would suggest initially discussing the idea with a trusted friend.

Many people take their small business ideas to one of the large international accountancy or legal partnerships such as KPMG or similar. If the idea is not within the accountancy or legal field then often these companies will involve a specialist, such as I, this just adds another layer onto the project that also adds a further communication layer and costs. But there are exceptions to this.

I have known certain projects where the larger international accountancy firms have become involved on a no cure, no fee basis, they have the resources to put into a project they strongly believe is viable. But it is important to be very well prepared and contact the right person within the company.

The Big Four International Accountancy and audit firms are:-

• PricewaterhouseCoopers
• Deloitte Touche Tohmatsu
• Ernst & Young
• KPMG

The companies have branches in every country.

The Crunch!

Right, now you have probably the most difficult point have a consultation or meeting with the specialist you engage, there should be no cost associated with this first meeting, outline the idea to him and ask if he or she believes it to be credible. Usually an experienced person will be quite critical, testing your sincerity, your capability to see it through and the feasibility of the idea.

By the end of this meeting you will either be happy knowing that it was a good Business Idea or sadness having been told that it is already on the market in some other form, or that it has been tried before and not work or one of the many negative replies you could have.

Now you have to decide if the idea is good or not, here is a couple of Business Ideas that have been successful in the past.

It is beneficial to you and your project if you develop a Business Concept, this will help to clarify things in your own mind and my feeling is that, if you cannot write your idea down on paper then it will be much more difficult to carry the plan out in actuality.

Once you have committed your concept to paper and before you begin, your Business Plan in earnest now may be the right time to form a Company

The next phase may be product development or preparing a business plan, to be successful you would normally need someone with experience to help you.