Step 1: The Idea
A. What are your options?
There are several ways to get started in business:
- Start a new business.
- Buy a franchise.
- Take over an existing business.
B. How do you come up with a business idea?
Here are some tips to help you find your business idea:
- Think about your goals, skills, expertise, and experience.
- Find a need that is not being met, identify problems and sources of irritation in your immediate area:
- Observe your surroundings: workplaces, business people, hobbies, and social activities.
- Keep up to date with the media, newspapers, and business publications.
- Observe changes in sociodemographic, technological, and economic trends.
- Travel, attend seminars, trade fairs, and expositions.
- Analyze the needs of businesses in different fields:
- Meet suppliers in your area.
- Analyze the needs of subcontracting businesses to find additional products and services.
- Keep informed about economic development agencies, chambers of commerce, etc.
C. Is your project well-defined? Is it attainable?
- Does your product or service meet a need?
- What makes it unique?
- Is your idea realistic:
- According to your financial means and needs?
- According to your preferences, experience, and training?
Visit Google Alerts to monitor key words: http://www.google.com/alerts.
Use Twitter, Facebook, and other social media to stay informed on the latest trends and to find new ideas.