COMING UP WITH A BUSINESS IDEA

You've decided that you want to go into business, but you dont know what that business is going to be. You're looking for a great idea. The thing is to begin by breaking down the bigger picture into manageable pieces. First, look at your own skills and knowledge. Consider your present job, and wether you could you do your present job working for yourself rather than being employed by someone else. Successfull businesses are frequently started by people with practical experience in the type of work that the new venture is entering. They go into business because they decide that they want more independence in thier working lives.

It may be that you feel that the skills you have are already over supplied. If this is the case, its possible that there is no room in the marketplace for yet another joiner, furniture, restorer, or undertaker. Or it may be that you simply do not want to carry on doing the same thing for youreself that you've done for others in the past. You perhaps then need to think of ways in which you could modify the skills and experience that you've acquired while working for somebody else.

Take a careful look at yourself; it could be that your personality suggest a business idea. If you've persistence, charm, and good communication skill, for example you might be a good salesperson. There are frequent openings for self-employed sales agents to sell other peoples products. If you're good dealing with people, you might be just the person to take up a retail franchise.

Making it Happen

Turn your Hobby into a Business
You may have skills that you acquired as a hobby, but which could form the basis for a business. For example if your good at cooking you could think about starting a catering service for people entertaining at home.

Work from Home
If you are a parent, and consequently at home a lot of the time, you could think about working from home. It might be possible for you to set aside space to sew, knit, or perhaps make soft toys. Another option is to sell products for other people over the phone. There are also an increasing number of opportunities for people to do office work using a computer. This can include anything from word processing letters and keeping accounts up to date, right through to freelance writing and consultancy.

Buy an existing Business
Another option is to consider buying an existing business. However, if you do, make sure you find out why the owner is selling. Even is the seller is retiring, establish exactly why it wasn't worth his or her while to continue with the business. Look carefuly at the business account's, and be sure that you understand them.

What to Avoid

Not giving it enough Time
Dont expect an idea to come to you in a flash, sometimes ideas takes time to develop. You also need to spend time in planning, more time bigger chances to come up with a better ideas.

Not doing enough Research
If you fail to do any market research, you'll have far less chance of success. Research will definitely save you a great deal of time and money in the long run.