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Your Online Guide » A Guide to Business » Small Business Business Opportunity

[H100]Have A Business Idea
by Hans Hasselfors, Han
You may have several ideas for a new business or only one. Before you start pouring your effort and money into an idea you need to see if it will stand up to some analysis. Try a SWOT analysis. This requires you to think about the Strengths, Weaknesses, and Opportunities your business will have, and the Threats it may face.

A high level of skill with a range of equipment, or a friend that is prepared to loan you some money would be strengths. If you have never run a business before that could be a weakness. A ready, enthusiastic market would be an opportunity, while several businesses almost identical to the one you are thinking of starting or a weakening economy would be threats. This type of analysis can show you if your business idea is viable and should encourage you to exploit opportunities and help you decide how to tackle threats.

Decide on your Unique Selling Proposition...

Why should a potential customer come to you and not a rival? Will you specialize in a certain area? You should be able to identify where and how you can contact your potential customers and have an idea of the demand for your type of service or product.

Write a Business Plan...

There are many versions and it seems every bank and business advisor has slightly different requirements. However every version should keep you focused on what you want to do with your business and the strategies to achieve this in a certain time frame. It should identify the services or products you intend to offer initially, and those you hope to expand into later. Remember the plan is a working document. If you miss deadlines you should be able to modify the plan to get your business back on course.

Once you have decided on the type of business you want to start do some research to see if there are any gaps in the local market. Find out your competitor's pricing. You could get friends to ask for quotes from the competition, or use a more direct approach and have discussions with a local expert. Remember, a company could be a potential competitor or a potential joint venture partner. Perhaps you could approach them with an idea for a product or service that would complement theirs.

When setting prices do not immediately assume undercutting is the only solution. You need enough income to cover your overheads and a low price may give the impression that your skills and work have little value.

Cash flow is another important element in starting and running a business. Make sure you do not have to make too big an investment before you get paid. You should know how much you have to earn to at least break even.

After working through your business plan and giving cash flow a good deal of thought you should know whether your proposed business is viable.

The first step is to carry out some market
research. Speak to the end users who you think
will have use of your products or services.
Investigate the approach you will use to take
them to the market place. Speak to other trusted
business people and ask their opinion. Discuss
your idea with your family and friends. Canvass
as much opinion as you can and keep a record of
it.

Here are some questions you might need the
answers to:

How long will it take from development to
completion?
How big is the market for your idea?
How will I reach the market place?
Who are my competitors?
What skills will I need?
What skills do I have?

If it is a business product that you are
developing:

What are the unique selling points of your
product?
How much will it cost per unit?
How much will it wholesale at?
How much will it retail at?
How can I test the market?
Can I make a prototype?

Check with a lawyer what legal requirements there
are for your product or service before you
proceed to the next step of seeking funding for
your idea or product.

The next step in this process is to create a
business plan. Having a professional business
plan is essential and lets people know that you
are serious about your idea. Not only does it
help when seeking funding but it also serves to
make the idea clearer in your own mind.

Use the services of an experienced accountant to
create your business plan. Be realistic with the
figures. Most people always overestimate what can
be achieved in the first 6 months? product
development always takes longer than initially
anticipated and the initial take up is always
slower!

It is possible to get a business grant for some
ideas but this process takes a long time and is
very cumbersome. It might be a good idea to skip
this stage altogether and approach the banks
straight away.

It is generally a good idea to approach two or
three banks with your business plans. Let them
know that you have approached other banks aswell!
Some banks even often offer free business banking
for the first year or even two.

Nothing is ever plain sailing when launching a
new business product or service. If your idea is
good you can bet that somebody will try and copy
it! Your offering will need to be continually
developed & improved to keep pace with your
customers needs and keep one step ahead of the
competitors.

If the steps outlined above are followed then you
stand a much greater chance of success when
taking your product to the marketplace. If you
can survive the first year and make enough money
to keep the business and yourself financially
stable, chances are that you're onto a winner!

Article Source : Small Dining Room Tables

About Author
Both Hans Hasselfors & Nazir Daud are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Hans Hasselfors has sinced written about articles on various topics from Healthy Diet, Acne Treatment and Retirement. Hans Hasselfors is the founder of . You may find varied. Hans Hasselfors's top article generates over 27100 views. to your Favourites.

Nazir Daud has sinced written about articles on various topics from Online Business, Management and Accounting Bookkeeping General Svc. Naz Daud is the founder of CityLocal Business Franchise Opportunity. Nazir Daud's top article generates over 74000 views. to your Favourites.
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