TENEBRIS LLC » Business – How to start one Part II from VI

BUSINESS IDEA

Before registering any business you need an idea for it. This is the most difficult part of any business planning. Finding profitable niche can be exhausting and problematic. The reason for that is making unrealistic expectations in regards to the ideas itself. People tend to over complicate the whole process of finding a business idea that could be brought to life. Sometimes we tend to listen what others are suggesting or we simply ask others what to do. This approach will not lead any of you to much success. If you will not start what you like or what you would like to do, do not bother to enter entrepreneurial world. I believe that opening any sort of business from lemonade stand to software company has to come from your own initiative. This is the way that you should consider when choosing what to do.

Making the Decision

This is an important step, making the actual decision of starting your own business. If you are motivated and willing to do it that is great. This motivation will push you forward. However before making such a decision you should make Pro's and Con's List. Put everything in favour of starting a business and everything against it.

You should consider financials too. Think if you will be able to support yourself in first periods of your business existence. Plus consider what will give you more money: steady job or your business (please note that running your own business will not always make you a millionaire). However having your business is not always about tons of money it is also about fulfilling your own ambitions and dreams. Nonetheless be sure that you would be able to survive from this.

What Should I Do?

A Million Dollar question, for which no body has an answer. If he had, he would not share it.

The Main thing to remember is to make a list of your strengths and weaknesses. This will allow you to analyse what will be easy for you and what will cause you difficulties. Personally I always focus on weaknesses as this shows me areas of myself to improve. Nonetheless if you are not a maths person you probably will not open bookkeeping business etc. The best business are those that you as a owner understand and will know how to lead you future employees and how to attract customers. If you do not like the business that you are in the customers will notice that. So think what you are good at and try to develop this into business idea.

Another important thing in business idea part is where you would like to open a business. You can think about district, town, city or even a country. Location is important as it will determine if you would have customers. Although in present times those things are changing and everything depends on marketing and how good you can sell your product/service. Nonetheless I do not want to open high end restaurant in poor place where there would be no customers and any possible clients would not be interested in travelling to your place. Another important factor in regards to localisation is the possibility of modifying your business idea. It is possible to change your idea in the way that it would suit the localisation that you picked. It is good to consult someone about that.

When you decide where to open you business you have to scout the market. Is there anything similar, if there is how are they doing. Are people enthusiastic about such business in their place etc. By observing the local market you can see if your idea is OK or does it need some improvements. Remember that most of business ideas can be modified to suit the local needs. You can scout the market even before coming with raw business idea as this could give you some hints on possible needs. This path can be a little more difficult as you could and up with business opportunity that you are unfamiliar with. But remember we all are learning new things are whole life.

If any of those things are not helping you with getting any ideas, you can always use Google to look for inspirations. Just simply google business ideas for your country, state or even town/city size. Then just do market research if this idea is viable in your area. This is a good 'brainstorming' as it presents you with many options and possibilities that you can consider.

The important thing to remember is that there is no need for a new thing. You can simply start something that is already in your are and be better in it. Like always do market research, see ow the business is going, how many customers the business have and the overall level of service. Then think can you do it better, can you give something extra to the service or product.

Conclusion

As you can see usually having a business idea comes with lots of work that has to be done. The reason for that is to make sure that your enterprise is worth your time and hard work. Sometimes small changes thanks to the market research can be crucial for this part of planning.

The most important thing in the businesses idea part is to consult with family and people that you know what they think about it. However talking to people close to you could not lead anywhere as they would simply care for you and will be protective. Best solution is to consult Business Advisors as they will analyse your idea and will provide you with feedback on it. Thanks to that you will be able to modify your idea and look on it from different perspective. Business Advisors will play Devil's Advocate role in order to show you possible problems that you could face so you can consider them in later stages of business creation.

The consultation part is usually omitted by most future entrepreneurs. This puts them on disadvantageous position as they will commit to one business idea when they should think about different one or modified version of the old one