The main reason that some people take opportunities when they arise, and others do not, is that some people are ready.
They have their business plan ready and all they need to do is take advantage of the opportunities.
Where can you find the right business plan?
If your business is based in the United States - click here
If your business is based in the U.K. - click here
Ideas To Action.
Part 8 - Business Ideas.
For some people, coming up with business ideas is easy; for others, it is nearly impossible.
Great business ideas come when:
- You explore and experiment in different areas
- You allow your business idea to develop slowly, over time
- You make mistakes
- You look for new uses for old inventions
- You build on ideas that have come before
With this in mind, how can you actually go about coming up with business ideas?
- Solve problems - The easiest way to come up with business ideas is to solve problems you have. The second easiest is to solve problems others have.
- Solve things that may become problems - Solving problems that you currently have is not the only way to come up with new ideas. Why not think of solving problems that will exist, but do not yet?
- Adapt to evolving needs - Physiological needs stay the same—the need for food, shelter, and water. Emotional needs tend to stand the same—envy, greed, pride, etc. What doesn’t stay the same are the products and services it takes to fulfil these needs.
- Save people money - Another great way to come up with business ideas is to think about saving people money. If you can figure out how to save people money, you will have a good business idea, new idea or not.
- Make people’s lives easier - Coming up with business ideas does not mean you have to focus on inventing new products or services. You could just as easily adapt an existing service or introduce a new benefit that makes customers lives easier.
- Make chores or things that feel like tasks less unpleasant - What do you hate doing? How could you make it more enjoyable?
- Turn a hobby or something you’re passionate about into a business - For those of you already actively making or doing something, this may be an obvious next step. Or, if you have been doing something on a regular basis and find yourself good at it but do not think of it as a hobby, perhaps you should think about how it could be a business.
- Fulfill a need - Take any of the human needs on the Hierarchy of Needs and think of the products and services created to meet these needs. Then, build on those.
- Appeal to a base emotion - What makes you angry, what makes you happy, what makes you jealous? What does this to others? When you consider some of the services and products available to us today, you will quickly realize how many of them were invented to appeal to or take advantage of these emotions.
- Steal others’ ideas - Most good ideas are built upon someone else’s business idea. Creativity is knowing how to hide your sources.
Profitable businesses are run by smart owners with great ideas focused on maximising profits.
The key to maximising profits in any business is to take great ideas and convert them into profit, within a structured, money-making organisation.
Presently, there are an average of 310 start-up companies launched every month for every 100,000 adults, with 80% of those starting a business stating that things are better than when they were employees of someone else. Starting your own business is a superb remedy to being made unemployed as it will give you back control. More individuals than before simply establish the job they will want that is designed to harmonize with their own life aims.
New companies have added 38 million jobs to the global economy during the last 6 years and this will continue to impact the employment statistics, as well as national economies, over the next few years.
The way that people recover after being given the boot does not astonish business experts as it is really a fantastic idea to start a new venture to utilize the skills that they have. Plenty of new company owners are skilled at launching companies with modest financing as a lack of money is a complication experienced by many new companies.
A lack of funding need not prevent anyone from starting their own small business, as there are various methods of avoiding the difficulty of low financing; vision, intentions, honesty and integrity and careful business plans are the true assets of any new business.
It is important that all new ventures create a website and online store as soon as they can; the net is clearly the cheapest and easiest method to begin getting your business noticed, and your website is a convenient place to offer information to prospective customers. Marketing any small business needs to consist of many off-line, local, advertising schemes, but also needs to contain a healthy amount of Internet marketing to be a success and increase your sales.
It is also vital to go online to turn up savings on equipment, IT, and even to turn up the staff that you need. Visit websites like eBay and eCrater, Internet discount retailers such as Target and the online forums.
Thousands of websites provide new goods at wholesale or reduced amounts and you should discover that the prices are more competitive (and considerably cheaper!) than neighborhood retailers. A fast broadband connection will be far cheaper than a normal telephone service, and will supply your new venture with far more advantages.
Keys To Success
Before you start your business you must make certain that you scrutinize your anticipated income to determine if your company will be a success. If you are starting a business then you must be certain that you hold the savvy and ability you need to have to take care of the business.
Small businesses will mostly be organized as a corporation, partnership, or C corporation.
For any business it is vital that you generate a business plan if you require your business to make money. 99% of all businesses are small businesses; to make certain your organization gets through the first year you need to be truthful in your plan.
A business plan is the best way to get you thinking about your company and help you describe the fundamentals of your business.
Groundwork is the key to success and your venture cannot possibly be ready to open if it does not develop a carefully constructed business plan.
Financiers are always searching for the ideal business to finance; they would generally have to conform to these specifications:
- For a brand new company they are searching for an owner who has a history of some business growth and if they have started and handled a comparable company.
- For an existing organization, cash that is enough to make the loan repayments.
- A business that has a thorough, effective, plan.
- An owner with financial resources and who has personal collateral so they are strongly placed to manage the unforeseen problems and changes that affect all businesses.
The financing judgment is contingent on plenty of factors; the businesses managers and their record, the goods that you will be supplying, the competitive advantages that your business has and what your market is - and a little bit of luck.
Ideas To Action - next
A Great Business did not just happen - It was planned that way.