Admittedly I’ve no experience in business at all, but the idea of having your own business – being your own boss – sounds an appealing one. How do you come up with a decent idea, though? Is it all about looking for a niche market or doing something established already? Are there any surefire prospects or is it all hit and miss? Anything worth trying?
Thanks.
Categorized | Affiliate Marketing 101
How Do You Come Up With A Lucrative Business Idea?
Posted on October 27, 2010.
There is no such thing as a surefire hit – think of the restaurants in your area…why are some still around after years but others that may be just as good go out of business in a few months.
The goal would be to identify a market that has space for a company (whether an established sector or product or a niche), determine what needs to be done to satisfy that segment, make sure the segment is big enough for you to survive/thrive, and then establish your company.
For example, if you were to live in a middle or upper-middle class area and you noticed that lawns tended to get a bit long between mowing, that might indicate that the folks living in those homes work a lot and don’t have time for proper lawn maintenance (but probably have the money). Since they are scraggly/long, there also may not be a lawn maintenance service in the area, even though lawn maintenance industry is well established (or existing lawn maintenance companies are overworked).
Basically, take stock of your abilities or a talent/skill you can acquire that interests you, look around to see if there are companies doing it in your area (and if so, are they doing it well), and then figure out if there is a market (you wouldn’t want to repair motorcycles if everyone drives cars).
As someone once said, Success is 10% inspiration and 90% perspiration.
You are the only one that can figure that out. You need to think about something you like to do, complete some market research and write a business plan to prove that the business idea is viable. Go to http://sba.gov/smallbusinessplanner/plan… http://www.score.org/template_gallery.ht… or http://articles.bplans.com/writing-a-bus… for instructions on how to write a business plan and sample business plans.