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By Chris Tomkins
It’s so important to find the right inspiration for a small business and finding out whether or not the idea is feasible. The idea for the business may seem exciting, and the person may receive a lot of encouraging emails and phone calls, but will they actually succeed? If hardly any profit would be made, it would be best to avoid that small business idea. Proper market research may bring to light any illegal aspects, along with any copyright of patent violations.
For many people, the idea of starting their own business seems like an attractive, yet somewhat impossible dream. For others, they have realized that it is quite possible, as long as you have the drive to try. But how can you find the right small business idea for you, and how can you know if it is feasible or not?
Finding Inspiration.
1. Invest in a notebook and pen and carry it around with you whenever possible. Although an idea for your small business may not come immediately, there is always the chance that it could come when you least expect it; be prepared.
2. Ask the people you know for ideas. As they will know you best, they will be aware of small business proposals that would fit your personality and ambitions. Remember, however, that if you should run with an idea that they suggest, it is important to share some of the profit later.
3. Observe the world around you. Are there any problems that could be solved by your small business? Pay attention to conversations that could hold clues, and browse online communities and websites that seem like they could provide possibilities. Keep in mind that, once again, you may not find your niche right away, and some ideas may already be taken. That does not meant that you would not be able to find some way to take that idea and spin it into something that is all your own; in fact, if the competition is lacking in something, you may want to fill in that gap.
Finding Feasibility.
1. The first thing you would need to do is find out if your idea is legal. For instance, if you wish to ship items from one country to another, you would need to be aware of any restrictions and policies. No matter how badly your customers might want the product, chances are it may not be available in their country for a reason. Do the research before taking any larger steps.
2. Is there a genuine customer base for your service or product? Would people be able to afford what you would be doing? You may receive a lot of encouraging emails or phone calls, but that means little if few of them would actually do business with you. Market research, as extensive as you can manage, is essential to finding the answers. If you would be violating any copyrights or patents, this process would also bring that to light.
3. Do the math; would you actually be making any money from this venture? Or would any profits be eaten up in various expenses? If you would hardly make any money, if any at all, chances are the small business idea is not worth your time.
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