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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 personally bring 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?

source: www.gaebler.com

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