Your Small Business Idea

small business idea


For a small business idea to become reality there are a number of steps that you need to take. Narrowing down the one business idea you want to focus on can be tricky ... particularly if you have the entrepreneurial mindset :)

  • Is there a market for your idea?
  • How much competition is already in the market for this small business idea?
  • Is the idea financially viable?
  • What startup funds will you need to get the business going?
  • Do you have family support to start your business?
  • What are you the most passionate about?

    These are just some of the questions that you need to think about before taking your business idea out into the market and starting your small business.

    Your small business idea needs to be something that you are passionate about and is also profitable.

    Why??

    Because starting and maintain a small business requires patience, hard work, determination and a strong will.

    You need to be passionate about your idea and why you are doing what you are doing otherwise you will give up when it gets too hard.

    You don't want to give up when you have put so much blood, sweat and tears into it!

    Does that make sense?

    Family Support

    Ensuring that you have your family and friends on your side when times get hard is essential.

    Knowing that you have that support, especially when you feel like giving up on your dream, will get you through.

    I don't know how many times I have fallen back on the support of my family and friends ...

    To talk something through, to help me with picking up the boys from school or having some dinner prepared when I am working really really long hours ...

    It's essential to have this support!

    Research your small business idea

    Before you decide to start your small business you need to do your research.

    There are so many resources available on the internet and you have access to so many communities to find out if the idea is something that consumers want.

    You want your idea to be a success story .. know your competitors and ensure that you know what your ideal clients want.

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    Financing your Idea

    Knowing how much it is going to cost you and what you are going to make out of your smallbiz idea is vital before taking the leap into business.

    It can be the key to whether the idea is successful or not.

    Doing your research of your market, your competitors and the needs of your potential customer BEFORE starting the business will help you to understand the financial viability of the idea.

    I have had many ideas that I have decided against because the profitability compared to the amount of work that needed to be done was not feasible.

    Don't go into small business until you have completed a full financial review of the viability of the business.

    Small Business Plan

    A small business plan is an important first step in deciding whether you take your idea to the next step.

    Small Business Plans can be cumbersome but really you don't have to complete the whole thing unless you are using it to obtain finance from a lender.

    The plans is the outline of things that you need to consider before starting the business. If you are not sure about how to prepare a small business plan for your idea click here >>

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