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The Light bulb Moment: Thinking Of A Business Idea

So you’ve decided that you want to start your own business but you’re having trouble getting that “ light bulb moment” and coming up with a unique and amazing venture you can offer to potential customers? It’s not as hard as you might think coming up with a business idea that’s not only going to offer consumers something different, but be sustainable in the long term. Sometimes the idea can be right in front of you!

We’ve given you some useful ideas to help kick start your brain and come up with the next business sensation!

 

What are your Skills?

First of all, look at your skills and what you can offer to your potential customers. Understand your skill set and what you enjoy doing in your current job role or in your spare time. It will make your decisions creating your business idea easier if you have the relevant skills to do it successfully. If you have a special skill or interest, define it and become a master of your craft; people could be pay top dollar for the services you provide! You can also improve your business skills too with the CEBA course at the University of Salford!

 

Do Your Research!

It’s important to do your research when starting a new business venture. Rushing into something before finding out if there’s a market for you to exploit is a recipe for disaster! Take a deep breath and think about who your demographic and target market is. Something simple as doing a survey can give bring you invaluable information to help get your business venture started. Take a look at your competitors and work out whether there’s a gap in the market for your business to move around and grow.

 

Is It Sustainable?

Do you think your business can make it in the long term and grow in order to stay afloat? If your idea follows one of the latest trends or fads in the market, chances are it won’t last long. It’s really important to set up a business with foundations; get the idea right and your business will stand the test of time and give you opportunity to grow in the future. Once your business venture is established, you can take advantage of trends within the market to help increase profits.

 

Look at Other Businesses for Inspiration

Sometimes the best ideas can be right in front of you. Have a look at the businesses and services you use on a regular basis. What annoys you about them and how could you improve them? Work on the little niggles and you could soon find a solution to everyone’s problems, offering customers a better service at your start up.

 

Look at Your Finances

This might seem obvious to you, but it’s really important to get your finances in order before you start it. There are some great schemes to get budding entrepreneurs on the road to business success. Government backed schemes such as The Prince’s Trust and Virgin StartUp are brilliant places to start for grants or low interest loans, particularly in an economic climate where banks are weary of lending money to new business ventures. Something interesting to look at to obtain finance for your new business is Crowdfunding. This is a unique way of obtaining money from a large amount of people who want to invest in your start up, usually for no financial return.


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