Starting a Business

Good Business Ideas

What constitutes a good business idea? For starters, good business ideas address market needs. But, don't forget that your business idea also has to be right for you.

A good business idea could be an invention, a new product or service, or an original idea or solution to an everyday problem.

Good Business Ideas

It might also be:

  • a gap in the market that you can fill
  • a business related to the work you do already
  • turning an interest or hobby into a business

Whatever your idea is, you need to be sure that it fits with your needs as an individual, as well as being a viable business proposition. Ask yourself some questions about it, for example:

  • What is it that you will personally bring to the business in terms of relevant experience and expertise?
  • Is there a market - a need for the idea, and customers who will pay for it?
  • How big is the market, and how will you reach it?
  • Who will be your main competitors?
  • What is special about your idea, making it different from similar products or services already out there?
  • How will you fund your business idea?
  • What might go wrong?

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