Finding a Profitable Small Business Idea
So you have a small business idea. Most likely you have a passion or a hobby and you’re at a time of your life when you desire change... and setting up on your own seems like the way to go.
And I personally think it’s a great idea.
However, the sad fact is not every small business idea is going to ”fly”. And even sadder, many budding entrepreneurs don’t find this out until they’ve sunk a huge amount of money and time into it.
Here’s some good advice: don’t ask your friends and family if they think your small business idea is a good one unless they’re qualified to have an opinion on it and can be objective enough to tell you the truth.
In general well-meaning friends and family will tell you what you want to hear... or they’ll go the other way and tell you it’s a no-hoper simply because they don’t want you to succeed (it’s not that they’re being nasty or mean -- it’s just that they’re scared you’ll leave them behind, and it’s easier to pull someone back than try to keep up with them).
So how do you know if your small business idea is a good one.
Well, there are no guarantees other than giving it a try, but here are some simple steps you can take before you invest time and money in it:
First, are you passionate about it? If you don’t love your idea, if you don’t love your business, it’s going to be much harder to make a success of it when the going gets tough (and believe me, the going will get tough. It always does at some point).
Second, is anyone else doing it? The best way to see if there’s a market for your small business idea is to see if... there’s already a market for your small business idea. If there’s already an industry servicing the needs your idea is going to meet, then you know there are buyers out there. There’s no reason for you not to set up with a completely new small business idea, but you have to understand the risks are higher.
Third, if there’s a market for your small business idea, it’s not enough to come into the market doing the same as everyone else. You have to have a way of not only doing it differently, but also doing it better. And... can you?
If you know the answers to these questions then you stand a good chance of making your small business idea work.
OK, so now take a look around the rest of this site, and get into some of the detailed small business success strategies you can put to work for you right now and have them making money for you by tomorrow!
Here’s to your success!
Chris Cardell
Join the 310,000 Business owners who receive regular Free, Marketing tips and advice from Chris Cardell. Register below for your Free ‘Small Business Success’ updates