Showing posts with label Researching. Show all posts
Showing posts with label Researching. Show all posts

Researching And Developing Your Business Idea






Chances are, if you think your idea is original, it isn't. You will need to do a lot of research to make sure that nobody else is currently doing what you are doing. Even then, you will have to consider that somebody, somewhere, is also thinking the same thing you are, and at that point it's a race to see who can get the patent andor copyright first.





1. Modify An Already Good Thing





Even if you don't have your own idea, you can modify someone else's pre-existing idea. For example, many people like popcorn but want butter on it. Origionally, the only way to get butter flavored popcorn was to literally heat butter and then dip or spread the butter over the popcorn, and this required putting butter into a pot or bowl and melting it over a stove or in the microwave. Eventually, popcorn makers had built-in repositories to place butter so that as the hot air passed over the popcorn kernels, popping it, it also heated the butter so you didn't have to dirty a separate dish. Then, someone came up with the idea of coating kernels of popcorn in a butter spread so that they butter themselves as they pop. Of course, the idea was very messy and unusable in hot-air popcorn poppers because the butter would drip down into the machinery, so instead, a foil bag was provided to contain the buttery explosions and, as it turned out, double as the bag you could eat the popcorn out of (assuming you didn't then pour the popcorn out of the bag and into a bowl for eating). Always think to yourself, what's the next logical step? What doesn't change the product itself, but might make it faster or easier to use?





2. Avoid Impractical Ideas





If you stumble upon something that has a lot of potential, be sure to evalute how realistic and practical it might be. For example, you might come up with the idea to manufacture something, but there ends up not being a market for it. You might think kids will love your particular product, but then parents don't end up buying it, or you have limited success but your product gets known as a fad at best.





3. Do Market Research





The best thing you can do is actually get out there and talk to potential customers. Never be afraid to ask them what they want. At the same time, you will get a general sense of how many people out there might be interested in such a service.





4. Find A Niche





Let's face it, youre not going to be big. You don't have a lot of capital, nor do you have a big advertising budget. You don't already have a million customers so you can't price your product less and still make a profit because youre still getting a little bit of money from each customer. What you can do, however, is find a niche market. You might know what industry you want to work in, and that's about it - now's the time for you to narrow your options and cater to a specific type of customer.





5. Get It On Paper





Once you have an idea, it's time to flesh it out into the most basic elements - products or services, suppliers, customers, and work. For example, if your idea is to provide web design for small businesses, then this is where you need to sit down and figure out what suppliers you might need (web hosting, for example), and what services youd be providing for customers. Think of it as inputs and outputs. The next step, of course, is to determine a price that is profitable.


Researching The Home Business Opportunities Right For You






With today’s job market being diluted by outsourcing, many people are suddenly finding themselves out of a job. Sitting around the house all day worrying about what you will do when your savings is gone is not a good thing, and with the number of opportunities available for operating you own home business continually growing, many find themselves as a home business owner is default.





However, finding a business you can operate from home will take some research and should be aligned around your interests, knowledge and experience. Once you being a home business, you will need to work it as a traditional job because income from that business is what will pay your bills and keep you from going hungry. It will also consume a lot of your time and energy so it needs to be something that you like.





Most people hear, as they are growing up, that the best job in the world is the one you would do for free if you didn’t have to worry about your bills. The same holds true for starting a home business. It should be something you like to do and are willing to work at in order to pay the bills. Otherwise, it’s just another job.





For example, a person who has a lot of experience working with their hands and building things out of wood or metal may find a home business performing furniture repair or refinishing suited to their hobby. They can also create and market woodcraft items, selling them through local retailers or at craft markets, effectively having their own home business selling things they make in their home workshop.





Another example could a person who has worked as accountant for someone else for years who suddenly find his or her job has been eliminated. They can open their own accounting service performing billing and invoicing for other small businesses. Many new businesses cannot afford to hire a full-time accountant and by working with several small companies, you can create several income streams to help make ends meet.





Simply drawing on your experience and knowledge learned while working for someone else can often lead to ideas for starting a home business. In many cases, most of the work can be done at home, telecommuting with clients. In other businesses, you may have to travel to meet with clients or attend shows at which to sell your products. Either scenario will provide an income earned through your home business while paying the bills.





Before deciding to open a home business, you should check with your local zoning department to make sure there are no zoning laws against operating a business out of your home. Typically, if the business has no reason for clients to visit and no signs are posted in the front yard, there are few problems with a home business. If you plan a deluge of customers increasing traffic on your street and blocking the sidewalk when they visit your shop, you may have to rethink your home business efforts.