We all have grand ideas at some stage of every year, but are these grand ideas viable to pursue as a Small Business opportunity? If you are considering to take the plunge into a business venture it is important to realize there is a difference between an idea and an opportunity. Every time you make a decision to take action it is based on your idea. The opportunity is the commercialization of your idea IE: turning that idea into a small business.
The Source of an Idea
Ideas for a business can come to you from anywhere at anytime. A few of my own ideas have come from:
- Reading Blogs, books and magazines.
- Attending seminars.
- Learning new skills and past experiences.
Something that is also helpful is looking at existing products that sell, maybe in a new location. We can even develop our own products by researching the needs of future customers.
From Idea to Small Business Opportunity
One thing that a lot of people tend to do when they come up with their million dollar idea is keep it to themselves. Now this is the worst thing you can do, as how will you know if your idea would make a profitable small business opportunity? To develop the idea further we need to test. Place your idea through this checklist before moving it to an opportunity
- Will you have competitors and who are they?
- Why will somebody buy your product or service over your competitors?
- If your product or service is not already available, why not?
- What is the size of the market for your idea?
- Who else is on your team or do you have all the skills necessary to run a successful small business.
- Location, location, yes location.
Pass all the above? If so it may be worth your while to investigate your idea as a small business opportunity and investigate your opportunities financial feasibility.
Research or Perish
Reports of small business failures are heard every day and you tend to wonder if the small business operator has any chance at all in today’s marketplace. Hey, don’t let this put you off from entering into the marketplace, just hold it in a deep place of your mind and use it to motivate you while conducting thorough research, this will ensure that your small business opportunity is not the one that got away.
I ask you to be aware that prior to starting a small business make sure you have all the facts on your product or service, location of the business, who is your target market, your competition and your suppliers. Take notes and lots of them as this information will become part of the all important business plan. Further information can be found through a number of resources on the Small Business Treasures Resource Page.
Five Small Business Treasures
- Listen to what is being said around you. Hearing is just noise, listening is where the ideas come from.
- Test your ideas on family, friends, and the general public, spread the word.
- Look at your competition, a glance is not good enough, use a magnifying glass.
- When choosing a location, online is no longer just a consideration, it is a necessity. Shopfront + online or online only.
- Research, research, yes research.
Once you have collaborated the information above for your small business opportunity you will find all the research you have done will fit nicely into your small business plan. The small business plan will be covered in future posts, but in the mean time if you have anything you would like to share with Small Business Treasures, drop us a comment below. Till next time, seek and you shall find.