How To Create Business Ideas

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HOW TO CREATE A BUSINESS IDEA

How To Create A Business Idea

The very first step in any business venture is to create a business idea. Without a suitable and legitimate business idea you will fail to make an impact in any market.

Business ideas generally fall into 2 different categories:

1. Niche business ideas

Niche business ideas are usually those that fall within a market that is small yet profitable. It is certainly worth exploring these markets, be aware though that where there are lots of traffic and searches, i.e. dieting or fitness markets, the competition is extremely fierce.

You should take the time to use a suitable ‘search’ tool on the Internet that will accurately determine the type of traffic and/or competition. One such tool is the Google Keyword Tool.

2. ‘Competition’ business ideas

This type of business idea is where an individual wishes to trade in a market that is already competing. The reason why a person may decide to enter such a market is where they believe they can provide either a better or alternative type of service than their competitors.

There are advantages and disadvantages to both types. The niche market business idea is certainly one that will bring you large initial profit levels; however, once competitors see that you are yielding large returns, they will come in and compete with you.

In terms of competition business ideas, there may be initially reduced sales as you try to compete with the larger players, but you will have the advantage of knowing your competitors ‘weak’ areas which you can obviously take advantage of.

If you do decide to compete in an already busy or saturated market, be sure to carry out some initial research. You can download for just £1 a competitor’s annual accounts through the Companies House website. This may give you an idea of their annual turnover, and more importantly, their net profit.

Watch the following video which will give you some excellent tips on how to create a business idea:

Here are some more important tips that will help you to create a successful business idea:

INSIDER TIP 1 – Put yourself in the shoes of your customers

This can be quite tricky to master; however, it is an art that you concentrate on mastering if you are to be successful in business. Without customers you will get nothing! Therefore, you should take the time to understand what they want and how they want it.

In general, people will pay for the following:

– Goods they need to survive such as food, water, electricity, gas etc.

– Advice, information or guidance that will give them an advantage over other people.

– A product or service that will save them money either now or in the future.

– Products or services that will improve their quality of life.

If you consider the above advice when creating a business idea you will be starting off on a solid footing.

INSIDER TIP 2 – Always aim for quality and we mean ALWAYS!

Whatever business you end up in, make sure you provide high quality products and services. Here are the main reasons why.

1. If you offer quality then people will come back to you. A previous customer is 6 times easier to sell to than a new customer!

2. If you provide bad service or poor quality goods, people will not come back to you and they will also tell on average 10 people about their bad experience with you. It is very easy nowadays for people to spread the word about your poor product or service – Facebook, Twitter etc.

3. If you provide good quality products and services, not only will people recommend you (free advertising), but they will also buy from you again.

‘HOW TO CREATE BUSINESS IDEAS’ DVD

How To Create A Business Idea

BUY NOW FOR ONLY £14.97 plus P+P & VAT

This DVD has been created by award-winning HSBC entrepreneur Richard McMunn. It will provide you with 60 minutes of advice and tips on how to create a business idea.

As soon as your payment is made we will dispatch your DVD to your selected address within 24 hours. Please allow 2-3 days for delivery.

If you have any problems, please contact us at info@how2become.co.uk

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