There is no doubt that coming up with the right idea for your home business is absolutely the most difficult part of starting a business. It also goes without saying that it’s the most critical decision you will make, too. So how do you decide on what will work?
Researching your idea
It takes a great deal of time and effort to be sure your idea will be profitable. Surveying consumer habits, knowing the competition, and evaluating availability are just part of the process. Big companies will spend millions on research before actually launching a new product.
Timing
Many great ideas were launched before their time and fell flat. Timing is as important as how it is launched.
Determining profitability
It may be the greatest idea ever, but if you can’t make any money at it, then you may want to reconsider. . . unless you don’t need the money.
Is there a big enough market
This may be a subgroup of the first two, but knowing if the market you are targeting is actually big enough to support a new product.
The reason I wanted to list the very basics of deciding on a start-up idea is because I wanted to point out the work that has already been done on this list I found. You may notice that the majority of these start-ups are tech based, but it costs a great deal to launch any of these ideas. Rest assured that the market research has already been done – in a big way.
This list if from http://blog.louisgray.com. Louis Gray is focused on much of what is happening in Silicon Valley, but if you read much of his writing, you will notice he has a keen entrepreneurial eye. That’s why I wanted you to take a look at his opinion on the 50 Start-ups Worth Watching.
One more thing - don’t look at each business as something for you to start. Look at these 2 things:
1) WHO the start-up is targeting
2) The SOLUTION the start-up is solving.
Many, if not most, of these start-ups are social-networking based. If you are hoping to start an online business, then these are necessary (evils?) to get very familiar with. Social networking is here to stay – but will not stay the same. It’s rapidly changing, and if you hope to survive online, (especially if you are over 40 . . .-maybe 30) then learn from it. If you go through this list with your “entrepreneurial mind” you will never look at social networking the same. (IMO)
So-what do you think? What did you come away from this list with?
Stand up and be counted. register your startup on http://startupsacrosssamerica.com