What Makes a Good Business Idea?

Thinking about what makes a good business idea I realized that the main thing is it has to work for the individual.  You are very unlikely to succeed if it is an industry that you know nothing about and have no passion for.

  • Something you know: Yes there are business people that have gone into industries foreign to them but you are more likely to succeed if you understand the industry that you are entering.
  • Passion:  Whether the idea is something you know or an industry that you are familiar with if you do not have a passion for it you are less likely to succeed.
  • Market:  If you think up an idea for a great ice maker but you live in the North Pole you will not have a market for your product.
  • Possibility:  Is your idea in the realms of your current means?  If you have an idea that will cost billions to achieve you may have to start with something smaller until you can prove yourself in the business world and raise that capital.
  • Competition:  How much competition is there in the industry that your idea stems around?  How can you develop this idea and have an edge over the competition?
  • Needs:  I should have actually put this first because the best business ideas rise from needs if people need a service or product your chances of success are so much better.  Keep your ears open while looking for your business idea if somebody is struggling to find a certain product or service it may be your chance.
  • Knowledge:  It is definitely in your best interest if you are an expert in the field that your business idea is.  Expertise will be a definite plus in most industries.
  • Unique:  While a business idea that is already been used can work if you add to the industry a unique idea is great because you will not have competition to deal with.
  • Innovation:  If your business idea takes a used idea and just makes it that much better, you will have a good chance of making it with your business.
  • Assess yourself:  If your idea requires you to be on your feet for many hours and you have a bad hip, it may not be the best idea after all.  Assess what you are capable of physically, mentally and emotionally.
  • Staff:  If your business idea needs specialised staff you need to assess the availability of staff in that field. You may have to consider affordability of the idea if workers have to be trained to fulfil the requirements of the work.
  • Location:  Is your business going to work in the location that you have chosen for it or even in your country.  Going back to the idea of the ice making machine it will work in a hot climate but not in a place where temperatures are sub zero.  If your idea is a deli with the most refined foods, it is not going to work in an area where most of the people that frequent the shops have low incomes.

A great business idea is subjective to you and your environment.  Write them down as they come to you or you may forget them and could lose out on a fantastic opportunity.

This is a guest post by Smarta.com. Looking for the best business ideas so you can start a business? We can help!

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