Picking the right business idea for you

So you know you want to start a business? But you don't know exactly what business to get into? All of us have been there before. An idea has to fit around your life style and what you want to achieve. Are you looking for an idea that will fit around the hours you want to work? Or are you trying to maximise your financial return? The business idea is one half of the component, the other half is the execution of the idea which will be explored in future entries.

There are a few common ways to source an idea. The easiest way is to solve a problem and a business idea can easily be fitted around this concept. The beauty of this is that it can hit you like a train when you are a potential customer looking for a business to serve your needs to find that there aren't any.

Another way to source a business idea is to stay in the realm of your expertise. If you are educated in a certain area or have worked on a trade you can expand on this. You do not have to something exactly the same however you can put a twist on this.

A tried and proven way of sourcing an idea is to find an already successful business and find a way of improving on that concept. Copying every aspect is totally unethical especially if they are direct competitors in a market. However seeing ideas in different markets is a great way of finding a new concept for your market.

Being in business has also meant opportunities have come knocking on my own door. So one recommendation I have for you is to start something small on top of your current commitments (like work or school). By communicating to suppliers and customers will open up new doors that you would not have thought of on your own.

Your network is also one of the key sources of inspiration. I have found suppliers of certain products an invaluable source of gauging trends in a market. Friends tend to be biased towards their interests however can provide good leads.

Once you have found something you are genuinely interested in comes the next step. This is how will take this idea and turn it into a commercially viable opportunity. This is where the fun comes into it and developing your overall strategy.