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| Behind every successful
business you'll find at least one great idea. For
most people, the definition of a successful business is one which is profitable, and a
profitable business is built upon ideas that have been properly researched.
Here are some steps you can take to research your
idea and turn it into a profitable business:
1. Make a list of the reasons why you want to go
into business for yourself. Look at your list critically. |
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| Does starting
your own business help you realize these things? An excellent eBook to help you get in
touch with your underlying motivations and desires, and create true prosperity from your
venture is "The Science of Getting Rich". You can get it free here. |
2. Make a list of the things you
like to do with your time. Success can be elusive if you're not truly excited about your
business. What are your interests and hobbies? What are you good at? What do other people
say you are good at? This list represents broad business models which will give you the
greatest joy over time. Decide which item(s) on your list you would most like to develop
into a business. If you need help coming up with an idea, try Wayne Yeager's book "1000 Ways To Make Money".
3. Focus on filling a niche. It is your expertise, uniquely practiced and applied within
your business field, that creates your niche in the market. Throughout the research stage
of your idea, pay close attention to how your business can fill a niche. For more on
choosing a niche, here is some sound advice from Willie Crawford.
4. Talk to friends or family who own or work in a similar business. Get their input on
your idea. What needs improved on? Why should it be improved and how? Talk to business
owners in neighboring towns - so you won't be perceived as a competitor - and get their
input on your idea. These people will likely have insights you never considered.
5. Participate in discussion forums. This is a
great way to take the pulse of your potential customers. You can also see trends, get
feedback, and establish working relationships with like-minded people.
6. Evaluate the demand for your product or service. You need to understand the pace and
direction of your industry. This understanding alerts you to shortcomings with your idea
and helps you channel your energies correctly. It also helps you approach your business
with innovation and vision.
For a snapshot of demand by Internet users for your product of service, try the Keyword
Suggestion Tool from DigitalPoint.com. It shows how often people are searching for phrases
related to your business idea.
 You should also analyze the available
research data. There are several professional organizations which gather data on a wide
variety of subjects. Here a few starting points:
7. Research businesses in your surrounding area in
order to size up the competition. Look for ways you can gain a business advantage over
your competitors. Ask yourself how your business will be better and different.
8. Visit your competitors online. To speed up online searches, utilize Dogpile's multiple
search capabilities. Dogpile queries the top engines for your search term and returns the
top 10 listings for each.
http://www.dogpile.com
9. Define the operation of your business. Here are some key questions you should answer:
- What skills and experience do you bring into the
business?
- What are your fixed costs and expenses?
- How long will it take to make a profit?
- What laws do you need to comply with?
- If you need financing where will you get it?
- Do you need insurance coverage specific to your
business?
- What will be the legal structure of your business?
For help with these questions try these resources:
Budget Calculator
http://www.homebiztools.com/startup.htm
Start-up tutorial by the Small Business Administration
http://www.sba.gov/starting_business/startup/basics.html
Free email counseling from SCORE
http://www.score.org/
10. With the information gathered from the steps above, you now have the means to begin
writing a comprehensive business and marketing plan. For help in this area try the
resources and software available at:
http://www.bplans.com
http://www.sba.gov/starting_business/planning/basic.html
At the root level, the small business owner has a burning desire to succeed, a "never
quit" attitude, and the ability to attract and implement needed resources. All you
have to do is throw your research and planning into the mix and you're well on your way to
a successful business.
ABOUT THE AUTHOR:
Brett Krkosska provides how-to advice on small business and home-based work issues. His
site, http://www.HomeBizTools.com, helps small
businesses reach their fullest potential. He is also the publisher of Straight Talk, a
fresh and original newsletter that offers a unique perspective on today's business issues.
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| Real-world, common sense strategies
for small and home based business success. Your issues... real answers. |
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