07/07/2022
WHAT MAKES A GOOD BUSINESS IDEA?
Ahhh the big question, "What makes a business idea - a good one"? Funny, how we come up with ideas and we think it will be a million dollar business but there is so much more to this! A great business opportunity needs to be scalable, something that you can start small and grow with.
Your business idea must fill a need in the market place, we don't need anymore pizza shops or hairdressers, unless you are going to have a USP - "Unique Selling Point". What is that, well its a way to stand out in the marketplace and do it differently. Maybe a pizza that isn't round, maybe a hair salon that is organic, no more chemical products (imagine that)! The point is clear - STAND OUT FROM THE CROWD!
The next critical factor is your price point, you don't need to be scared to charge a little more than the others if your need is great and people want what you have but this needs a lot of thought, will people pay you for your product? You also need to consider your profit margins, there is no point sitting on a profit margin of 95% but not selling any products, just ensure you are making money with volume.
