EXPLORING BUSINESS OPPORTUNITIES
The First Step: Develop several ideas from your concept.
Many people think that all you need to start a business is one
good idea. While that can sometimes be true, the best foundation for
business success is to have several possibilities for creating
profits. If the main idea does not test out well, an alternative is
available to be tried.
It is a worthwhile exercise to explore additional products,
services, procedures and processes that may enhance your initial
idea. This section provides you with forty concepts that may help
you with this process.
Some business people are skilled at carrying out this process on
their own, while others may want to assemble a "team" - people with
different talents and skills who can interact to produce useful
ideas and evaluate their potential.
Ongoing business success is often linked to the ability to
produce ideas on a continuing basis, testing each to determine its
suitability. This process ensures that a business stays in touch
with the real opportunities of the marketplace.
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The Second Step: Evaluate your ideas.
Identifying business opportunities requires an approach that
combines systematic analysis with unstructured creativity.
Remember that it is always cheaper to examine an idea thoroughly
in advance than to incur the expenses of a business failure.
The Third Step: Prepare a business plan.
You have now selected an opportunity as the basis for a new
business venture. There are several reasons for preparing a thorough
business plan before you proceed.
Why prepare a plan?
The business plan identifies the amount and the type of financing
or outside investment required.
A plan makes it easier for a lender or investor to assess you and
your proposal.
It encourages realism.
It helps you to better identify your customers, your market, your
pricing strategies and the competitive conditions under which you
must operate to succeed.
It improves your ability to manage your business.
A business plan provides an outline of your short term and long
term business goals.
Small Bizz Workshop
Starting with a good Idea
Exploring Business Opportunities
Forty Concepts for a Small Business
Evaluating Your Ideas
Protecting Your Idea
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