THE IDEA A new idea is often the basis for starting up a business Ideas may have very different origins : Spotting a gap in the market Willing to improve an existing product Skills or hobbies
Coming up with a good idea The following questions may help: 1. Do you have any particular skills that could form the basis of a new business? 2. Are you aware of a gap in the market? 3. Do you have a hobby that could be turned into a business? 4. Has there ever been a time when you needed a particular service or product that nobody else provides?
Developing your idea Once you have a good idea, you need to develope it... But, How?
Developing your idea I Brainstorm your idea with other people: friends, possible customers,... Think about who your business is aimed at. Customer-consumer profile Think what you need and who you need to start it Material and Human Resources
Developing your idea II Think about where will be the best place to develope it Location Think about how much money you'll need and how will you get it Budget Study the market: the competitors, the location and the customers Market Research
Developing your idea III Think about the laws you should bare into account to be completely legal Regulations Think of strategies to differentiate your brand from the rest Marketing Strategies Think how you will manage your business to make it last enough to make the profit you expect Business Managing