Good news people! Starting today I will be writing a series of blog posts which will guide you through starting a business from scratch. I will start by helping you find a good business idea up until you start making money. Today I will discuss what constitutes a good business idea, and help you find a good one.
A good business idea has the following criteria:
- High Interest: You’re interested enough to work on your business on a daily basis. You should really like what you’re doing to be able to commit.
- Expertise: You should be able to execute what you’re passionate about. If you really love to own a restaurant, but now nothing about food, don’t do it, unless you’re willing to do a lot of research before starting!
- Market Need: Your business should fill a certain need for people, or it should create one. If you ask everyone around you, and they say that your idea is not a good one, assume it isn’t and move on to the next idea. We’re not trying to be Google or Apple here, we’re trying to start a decent business.
- Ability to make money: If you’re unable to make money from your business, then it’s not a business in the first place. You need to have a good way of making money, or else you will be unable to maintain it. Estimate how much money you can make. If it’s very little, or worse, you can’t make any money, find a different idea.
How to find a good business idea: There are tons of ways out there, but I’ll keep it really simple here:
- Solve an exiting problem in a better way: Cars were created because donkeys weren’t fast enough. USB sticks were created because it was easier to use USB sticks than burn files to CDs or save them to a floppy disk. Look around at what annoys you, and try to make things better. I’m sure there are a lot of things. If you’re in Lebanon like me, I suggest you try to solve the consistent traffic jams, the pollution, the lack of green spaces… It really irritates me!!!
- Look at other people’s ideas: There are a lot of websites online to help you with business ideas. Here are a few website I usually look at: IdeasWatch, Springwise Idea Database, and Generate Business Ideas
If you follow the above advice, you should be able to have a business idea ready within a few days. In the next article, we’ll take a look on how to plan your business plan for success!