Any man or woman can start a business, it’s a matter of chucking your existing job in then setting up with a computer in your living room. The difficult part is making it all work. The odds are stacked against you. The most important part of succeeding with a business is starting out with the right business idea. There is no point I pouring all your effort and money into an idea which essentially is not going to capture your target audience.
So what are the best methods in obtaining a winning formula?
- Look Hard For Problems. The best ideas in the business world do not come from a science lab, they come due to a customers need that has not been resolved. You need to teach yourself to tune in to people’s problems. The bigger the problem the bigger your potential market. It can benefit you if you are involved with industry or consumer groups as this can get you closer to potential business ideas.
- Keep Your Eye On Change. Change is a great opportunity for business, there are always opportunities when your country goes through social change. Good examples of this are ‘New legislations’ in recent times there have been many around international banking laws and the way we reward bonuses. Climate change is also a big topic these days, I know of many start-ups who have taken advantage of this as there is often funding for businesses to go green and there are government incentives available if you go this route.
- Technology. This is a great way to get into new markets, I know of a business who setup a business wholly selling Apple products, he got in with the Apple distributors long before the iPad and iPhone 4 were released so he could pre-sell the products before anyone else in our local town. By achieving this he reached an exclusive agreement with the distributor on the price compared to anyone I know. You do have to be aware though as sometimes technology can seem too good to be true the above example is not very common and it took a lot of work. It is very easy to get seduced by new technology. What you need to answer in your own mind is whether the new technology has the ability to open up new markets.
Use your creativity to think new ways to make a valid business. Ask your friends and families what is lacking in the local area, speak with local businesses the same question. Get involved with breakfast clubs for local business.
Even in this economic climate there are always opportunities appearing out of the woodwork, you just need to ensure that you act upon them.