Ideas to Start a Business, Essay Example

Introduction

An individual does not need to be a whiz kid to be able to identify business ideas and convert them in to profits. Spotting business opportunities is easy and can be compared to spotting problems shared among many people and developing a way to solve them. Virtually any idea that meets the below criteria is considered the right idea:

1. I must have knowledge of the idea and one that I can do well.
2. It must be something I LIKE to do and would not get bored of doing it on a daily basis.
3. It must be something which is appealing to sell on a daily basis
4. It must be able to be sold at a cost that will cover all my production expenses and overhead and return a healthy profit.
5. It must be something that can raise adequate funds to get the company started and boost its profitability

Any individual who has not yet found an entrepreneurial niche will be required to spot business ideas that prove to be promising. This is done through analyzing the ideas based on the above criteria. Some business ideas can be started as home-based enterprises while the other cannot.

The following list comprises some of my business ideas:

1. Business plan writer
2. Business plan writing
3. Franchise consultant
4. Healthcare consultant
5. Human resources consultant
6. Image consultant

The most appropriate way to start that business

The following are the steps involved in starting a new business:

Step 1

An individual must fill a need that is identified through conducting market research. It is critical to research on the selling locations to come up with a census of what the target customer buys. These findings can be strengthened by enquiring for suggestions from friends and family members.

Step 2

An individual needs to develop a realistic business plan. Whether the new venture is home based or operating from a commercial structure, an individual will be required to maximize his chances of growth and success through creating a realistic plan.

Step 3

This involves seeking for assistance and getting any necessary advice for the venture. This can be achieved by attending free business seminars organized by the government or even consulting business entrepreneurs in the local area.

Step 4

This step involves registering of the business name with the government. An individual will have some specific legal requirements based on the country’s legal structures. Registering the business name is a clue that the person is serious about the new venture.

Step 5

This step involves acquiring the required licenses and other legal government approval documents such as permits. This is a vital part of starting a business in the best way.

Conclusion

Some individuals have managed to turn their hobbies and interests in to lucrative businesses. They have simply identified a need in the world surrounding them and thus have come up with a way to fulfill the need. Anyone can do this too.