Considering Starting Up

A Good Business Idea

What's your business brainwave?

A good business idea could be an invention, a new product or service, or an original idea or solution to an everyday problem. It might also be:

• a gap in the market that you can fill
• a business related to the work you do already
• turning an interest or hobby into a business

Whatever your idea is, you need to be sure that it fits with your needs as an individual, as well as being a viable business proposition. Ask yourself some questions about it, for example:

• What is it that you will bring personally to the business in terms of relevant experience and expertise?
• Is there a market (a need for the idea, and customers who will pay for it)?
• How big is the market, and how will you reach it?
• Who will be your main competitors?
• What is special about your idea, making it different from similar products or services already out there?
• How will you fund your business idea?
• What might go wrong?

For more information on turning your answers to these questions into key documents for your business, see our guides: prepare a business plan and write a marketing plan.

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