Develop These Sure Fire Ways To Attract Good Business Ideas You Can Start Today

Wouldn’t you like to have a surefire way to attract good business ideas whenever you need them? Perhaps after reading this article you can! But like the old saying, not everything that glitters is gold. Not all business ideas, no matter how good they may look or sound at the time, will turn out to be ‘good’ ideas as at first thought.

While there is no magic formula as such, are there steps you can follow to help you find your best and ideal moneymaking business idea? I think there are:

Unfilled Gaps

A good business idea can come from what you are currently doing. Perhaps an idea could come from a job or business you are already engaged in now or from somebody else’s job or business.
Have you found a gap in the feature or benefit of a product or service?
Could it come from a passion of yours or an interest or from something you saw? In all, is there something you’ve identified such an unfilled, or poorly filled, gap in the market?

Unmet Demand

Before you decide on the product idea ask yourself if there is a demand in the market?
If so, how will your product or service be better? Have you identified your idea’s USP? Does it solve a problem or a need in some unique way? In other words, what’s so special about your product or service as opposed to existing competing ones?
Is your product justified? Is it serving a purpose for your market? Is it a time saver?

Unfair Advantage

Do you know who your direct competitors are? If so, do you know what their S.W.O.T analysis is? If you do, how will you use that analysis to outcompete them?
Size does matter in marketing. What is the size of your potential market?
How will you reach this intended market? But more importantly, how can your market reach you?
Do you know where to position your product in the market? In other words, have you identified your target market? This must be a market you know will need your product and are willing to pay for it.
Identify its competitiveness nature and figure out if it’s going to have a healthy profit margin.
Is your target market a mature one or one that will have potential in the long-term?

Underestimation

If the demand for your product or service idea is weak, the product may fail. This is because if the demand is low you may need to sell larger volumes to compensate revenue.
Will you have, or can you buy or bring in, experience or the expertise needed to service this market?
Most importantly is the viability factor. How much will your business cost to get started? Where will the money for the startup costs come from? Your funding or business capital must sustain the journey right through the startup phase. Do you have enough funding to sustain the early stage of your business until you generate a profit?

A mindset that attracts good business ideas

Good business ideas can appear from any source and at any time. Usually it’s when you least expect it. That is why your eyes and ears must be trained to expect ideas from just about any situation if you are to attract good business ideas.

Your ideal idea may come from quarters that are totally unrelated to where you are at and from what you might not expect. Remember that original ideas are sometimes born by combining 2 old ideas to make a new one!

Because new ideas will pop up from the most unexpected sources you must always be prepared to capture them when they do pop up. Have a notebook handy or record it down on your iPhone notes or into an audio file that you can collate later into a permanent ideas file on your computer. Can you imagine how rich with ideas this folder would be over time?

So be on the lookout. The next person you meet could lead you to a million dollar idea. The next conversation you have might lead you to a world sort-after product idea. The next ad you see on TV might just lead you to something so new, the market will fall over themselves to get it!

Would you like a few ideas to get your right brain working? Here is a list of business ideas I hope will inspire you to create a few new ones for yourself:

Adventure Eco Tourism
Off-site Advertising Copywriter
Lead Generation for Small Businesses
Business Plan Writer For Medium Size Businesses
Ezine Publisher For Businesses
Fashion Fundraiser
Gourmet and Gift Baskets
Grant Proposal Writer
Asian Herb and Spice Supplier
Import and Export Business
Translator Services
Limousine Hire Service
Intimate Apparel Sales
Master Chef Classes
Medical Transcription Service
Mobile Dry Car Wash
Men & Women Dining Etiquette Classes
Beauty & Image Consultant
Music Coaching
Mystery Shopper For Medium Size Business
Newsletter Production for Clients
Parenting Guidance
Pet Fashion & Accessories
Ancient Recipes Cooking
CV & Resume Writing Service
Workplace Safety Consultant
Self Publishing
Organic Food & Health Food Catering
Clothing and Accessories Coordinator
Color and Image Consultant
Ethnic Dance Instructor
Seniors Exercise Classes
T-Shirt Design
Outsource Website Development Service
Press Release Service

While I know you will seek professional advice before embarking on any of the ideas you’ve read here I am sure these tips and ideas will give you a sound strategy of your own to develop surefire ways to attract really good business ideas whenever you need them.

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How to Move on When Business Ideas Don’t Work: Some Business Solutions Don’t Seem Right

I discover myself coming up with something new all of the time. Most of my business solutions revolve around my center mission, but lately I followed somebody who I trusted into one of those business ideas that seemed “in line” with my mission at first, but as time passed, it just didn’t feel suitable. I wasn’t enjoying what I was doing and lost heart in it completely. This is a partnership that just didn’t work for me. Has anything like this happened to you before?

How invested are you in your own company solutions?

When you get into these circumstances, there is always some amount of investment. Not simply did I invest money, but I was emotionally invested at the same time. As usual with all of my hair-brained business ideas, I put my heart and soul into it. Does this scenario sound familiar? I couldn’t see the forest for the trees; it’s practically like being in love. You know, like when you can’t see anything wrong with the other person you’re in love with because you are “feeling the love”. This situation has happened to me a handful of times since being in business since 1995. So, I am now really able to hone in on the moment this starts happening. Even after all of these many years in business and dealing with this situation over and over, I continue to maintain an open mind to business ideas, but I have become better at figuring out the moment they aren’t going to perform.

This particular time around, it literally took 2 weeks until I started to become acutely conscious that the business solution was moving in a direction that I didn’t like. The older I get, the better I become at learning quickly the moment a business idea is just not likely to work out. It’s funny how being an entrepreneur involves “gut feelings”. I know entrepreneurs that pick up on this immediately while other people pick up on those feelings over time. I really feel it’s an issue of practical experience.

Listed below are a few things that I’ve learned that can help you move on from business solutions that don’t work.

Revisit or re-read your small business mission. Frequently you’ll find out that business ideas that seemed suitable to you at the time are genuinely not in line with your business model.

Remain open-minded even if you may be emotionally invested. You have to recognize difficulties as they arise as well as being conscious if it’s heading in the wrong direction.

Listen to that inner voice. I know that seems odd, but most entrepreneurs typically know when there’s a red flag in business. So, don’t ignore it. I’ve got a very dear friend that did ignore these voices and ended up losing everything to the point of bankruptcy.

Know when problems appear if they can be corrected in a way that makes your life better or not. Business ideas shouldn’t be so problematic that you can’t enjoy living. So, if you see that one of your business ideas which has one problem after the other, it’s likely not really worth the headache.

Some business ideas go against You, Inc.

I recall there was a time for me when all I thought about was the financial element of the new business ideas that I started. I only stepped out and refocused after a period of time when the money was not what I believed it could be and wasn’t really worth my time. As time progressed, I’ve learned that money is an important aspect to an entrepreneur. Ideally, that money is used for reinvesting into business ideas that do work. Having said that, realizing when the business ideas don’t make you satisfied may be the ideal way to determine when to move on. Money doesn’t particularly have anything to do with happiness to that degree. This is a widespread misconception about business entrepreneurs. It’s not simply all about the money.

My advice is to stay real to who you are as a person along with your core values. This will enable you to avoid business ideas that don’t work in the first place. Knowing your mission and values further helps with knowing when to move on and let go of business ideas that don’t work.

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Tips On Assessing Business Ideas That You Have Generated For Your Online Home Business

Feasible business ideas are evaluated by analyzing the demand for the product or service, weighing the available resources and looking at the skills, talents and knowledge you have. The process of assessing your ideas involves reflecting on all the business ideas and income generating activities you have generated and zero down to three most promising ideas, looking critically at the advantages and disadvantages and basing on your experience and judgment.

To successfully assess the three business ideas that you have selected, you should use a table to tally your results for each business idea and categorize them into columns of skill and competences, available equipment, access to raw materials, financial resources and sufficient demand. Then use the following questions to guide you:

1. Which of these business ideas matches my strengths?

2. Which idea(s) can help me to achieve my personal goals?

3. Which resources do I need in order to realize the business idea?

4. Which gap am I feeling? Is it a need or a problem?

5. Are there people out there who will buy my product or pay for my service?

How to assess your business ideas basing on your skills, talents, knowledge and competencies

First of all, you have to assess the extent to which you possess the required skills (manual, personal, social, technical). If you do not have the required skills, you should think about other options like finding someone else with the skills to help you.

If you have to find someone else with the skills, then you should ask yourself further whether you will be able to afford to pay for this person contributing to your business. Remember that additional costs from employing someone might mean a reduction in your profit.

If you find out that the required skill can be performed by you without any problem, that idea should receive a high ranking. But if you discover that your skill level is low or nonexistent as, far as the skill required is concerned, then the idea should be rated low.

Secondly, you have to look at the future of the business idea by asking yourself which other secondary skills you have to acquire to fulfill your business goals. And how are you going to get them?

How to assess your business ideas in relation to the available resources

By resources, I mean mainly financial resources, human resources and other inputs like raw materials. You have to think about the start-up and working capital. The good thing online businesses do not require huge sums of money to start. You can start humbly and grow your business.

However, you should take note of the financial resources you need to invest in buying equipment (computer) and start-up expenses. You need to think about having cash that you will use to meet the day-to-day requirements of running your business. A positive rating only applies when you are able to have all the money required to start the business. And a very low rating implies that you cannot have anything to start the business.

Secondly, you have to focus on other related inputs like equipment and raw materials (e.g. software). When using certain equipment, you need to possess certain skills. Additionally, you need to look at the availability of the equipment, now and in future, and the challenges you may encounter when using it.

Raw materials are what you use to produce the product. A good business should have a steady inflow of raw materials and their availability is so important. If they are readily available, then give a high rating. But if there are problems or seasonal fluctuations in availability and price, then the rating is low.

Assessing your business ideas basing on the demand for the product or service

Here you should focus on your unique selling proposition, something special about the idea that can make it more attractive. The demand for a product or service means the extent to which customers want it. You have to take the level of competition in the marketplace. The demand of a product or service is also related to the ability of the targeted customers to buy. They may have the need for the product or service but when they have no money to pay for it and this means the actual demand is low.

Having gone through the whole process, you will then select one business idea that has received the highest number of scores and note down the points using the points below:

1. What’s the idea and what’s its status

2. What market does the business idea address? Are there any customer feedback or testimonials?

3. Why do you believe you have the advantage in the marketplace in relation to the market needs?

4. What’s the competition in the marketplace?

5. Who is the team that is going to make the business succeed?

6. What’s your long-term vision for your business and the projected returns on investment?

7. What’s the estimated total funding required executing the business plan?

8. What amount of financing are you seeking initially?

Finally, a proper write-up of the analysis of your business idea will be very important for you to further develop a business plan and to convey all the essential information in a more clear and concise manner. It enables you to communicate in a likeable, passionate and credible way to capture the attention of others, especially the people you want to support you as you start your business.

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