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?