So you want to start your own business, and you have an idea of what you would like to do but are not sure if your idea is viable. Very often our first business ideas turn out to be less than what we’d hoped for or envisaged in reality, so how can you develop your business idea to improve your chances of success? Follow our top tips.
Identify your skills, talents and interests and choose an idea that makes your heart sing. Without a genuine interest in what you’re doing you simply won’t stay motivated through the tough times.
It can be tough going into business on your own, so if possible try to find a co-founder who can bring something different to the table, such as capital, experience, contacts or knowledge. A partner can bring real value to your business and can help you to develop and streamline your idea . It’s possible to find a partner through networking or even advertising, but it’s more than likely that you already know someone who would be ideal.
Identify a need for your business. What problem are you solving? A business idea that saves people time or money is always a winner, but perhaps you simply want to make people happy. Whatever it is, make sure you are clear about who you are helping and how you are helping them.
Test out your idea on your audience. You don’t need any bells and whistles at this stage; simply take your most basic idea and put it in front of your target audience. From there you can rework your idea again and again until you’re happy (enough) with it to take it to market.