By Farrah Gray
Are you a butcher, baker or a candle stick maker? Your ideas at first may not appear to you as “big” ideas that can go to market.
A young man living and working near a college campus could see the opportunity wanting to open a small chicken wing restaurant. What is great about his idea? He was selling “the sizzle” and not “the steak” with 18 different hot sauces flavors to choose from kept the college students coming back for more. When I arrived in Jackson, Mississippi for our meeting and taste test I was convinced along with him that he has every opportunity for market entry product success.
Success can’t be the goal. It is not the hope of a great achievement or a plan to accomplish a specific goal. Rather, success is an attitude that affirms worthiness of who you are and the things you are doing. It is an attitude that keeps you open to new discovery and continual growth.
Choosing a business idea that will work well for you is paramount to starting a business. For now however, we will concentrate on choosing an idea for starting your own business. The best place to start is to look at the skills and knowledge that you do have. For instance, if you are in employment could you do your job working for yourself rather than being employed by someone else?
Other ideas are listed below.
Could you turn your hobby into a business?
Maybe in your spare time you have gained a skill or knowledge, which could be turned into a business. It could be hair styling, gardening, cooking or writing. With the business know-how, something you take pleasure in doing, could be earning you money!
Copy an idea?
An idea does not have to be novel or even original; in fact very few businesses are based on original ideas. Observe what happens abroad, you could get an idea that has not been tried where you live. Look around, watch the news, observe things around you and think how it could be translated into a business idea.
Look for inspiration
You could be inspired with an idea by looking at trade magazines, attending business expos or trade shows. This could provide the seed for a new idea or give you an idea to do it better.
Identify the best market
Apart from choosing an idea based on your skills, you could research markets you believe to be profitable. The ideal market would, for example, be a growing market and have a niche.
Still no idea?
Try brainstorming with friends and family. Invite them to come up with any ideas (it does not matter how silly some of them may sound). A brainstorming session should last no longer than fifteen minutes. It should be a starting point to help you think about the opportunities available.
New product of process?
Maybe you are a bit of an inventor and have invented a new product or process that you wish to create into a business. If that is the case, make sure you patent your invention with the Patent Office (see address below).
Making it a good e-idea
Whatever business idea you decide, you should also be thinking of how it would translate on the Internet. Your business idea should therefore be an e-idea with the following attributes:
Public appeal – It should be an idea that can be marketed to attract customers and appeal to their imagination.
Easily transportable – As the Internet is a world wide medium accessed by people from all over the world, you will need to bear in mind how your product will be transported. This is particularly important in determining the success of your business.
Hopefully, this should be enough general information to help you make up your mind about your business idea and the important attributes needed to make your idea work. Go for the success that has your name on it!
Entrepreneur, philanthropist and bestselling author and award-winning fashion designer Farrah Gray has inspired millions around the world through motivational speaking, economic evangelism and the strength of his example. Gray is also an agent of social change. His partnerships include the Kauffman Foundation, the Floyd Mayweather Jr. Foundation, National Coalition for the Homeless and the National Marrow Donor Program, among others.