Exploring Business Opportunities

The First Step: Develop several ideas from your concept.

Many people think that all you need to start a business is one good idea. While that can sometimes be true, the best foundation for business success is to have several possibilities for creating profits. If the main idea does not test out well, an alternative is available to be tried.

It is a worthwhile exercise to explore additional products, services, procedures and processes that may enhance your initial idea. This section provides you with forty concepts that may help you with this process.

Some business people are skilled at carrying out this process on their own, while others may want to assemble a "team" - people with different talents and skills who can interact to produce useful ideas and evaluate their potential.

Ongoing business success is often linked to the ability to produce ideas on a continuing basis, testing each to determine its suitability. This process ensures that a business stays in touch with the real opportunities of the marketplace.

The Second Step: Evaluate your ideas.

Identifying business opportunities requires an approach that combines systematic analysis with unstructured creativity.

Remember that it is always cheaper to examine an idea thoroughly in advance than to incur the expenses of a business failure.

The Third Step: Prepare a business plan.

You have now selected an opportunity as the basis for a new business venture. There are several reasons for preparing a thorough business plan before you proceed.

Why prepare a plan?

• The business plan identifies the amount and the type of financing or outside investment required.
• A plan makes it easier for a lender or investor to assess you and your proposal.
• It encourages realism.
• It helps you to better identify your customers, your market, your pricing strategies and the competitive conditions under which you must operate to succeed.
• It improves your ability to manage your business.
• A business plan provides an outline of your short term and long term business goals.

For further information on writing and creating a business plan, visit our Interactive Business Planner.