Business ideas to startup a business – this can be a challenge, but challenges should not stop you.
The times I have spoken to friends and colleagues who are looking for that new business idea. They are looking to start a new business.
‘What it would be like to invent the next new widget, the next best thing?’
Many people do get blocked with this and never get past this stage and fail to get their own start-up business.
They are prevented from having a dream business due to their need to come up with a completely new idea.
Whilst inventing something is probably the best way to make sure your business is totally unique, its never guaranteed.
No proven track record for a startup business
Something new is just that…it’s brand new, and doesn’t have a proven track record.
The costs of market entry can be very high for a start-up that has invented a totally new product. This is especially true if you have invented something that needs to be manufactured.
There are costs associated with patenting your idea too. patenting is not cheap, which is multiplied if you are looking to sell into other world territories. Then getting it made, the tooling and the potential huge set up costs, which is way before the marketing costs.
Marketing costs can be huge too.
What about starting a business in a ready-made market?
The other option to look at when starting a new business is to look at what is already successful. Review what has a ready-made market and is selling successfully, then start a business making or doing something that people are already doing.
But instead of doing it the same as the companies already in this particular industry, look at how you can make it better. What you’ll need is a USP (Unique Selling Proposition) to make yours better. Ask the question…’why would someone buy from me instead of the businesses that are already established?’ Then look to answer this question and come up with a better product or service.
What about buying a business?
You could consider buying a business, which can save a lot of time. Buying an existing business means that you are buying ready made cash flow. It also means that you get the business assets as trade or second hand. Setting up a new business usually requires buying new assets instead.
Buying a business that is already running, you know for certain this business works. The company is already selling whatever it makes, rather than you having to start from scratch.
However, you need to do your due diligence on the company you are buying and you’ll need to raise the necessary finance for the purchase.
Don’t let anyone stop you and your business idea
Never let anyone stop you from your dream.
If you thing your idea is a good one…go ahead and set your business up. But make sure you do the market research beforehand, as this could save you £1,000’s in the long run.
If you have a great business idea and you want to start-up a business, then there is not time like today.
Starting from scratch is a challenge, but possible and if you have a good idea combined with determination, then there is no reason why it shouldn’t work – look at Mr Dyson.