Starting a business takes time and energy, and one must undergo periods of extended self-reflection to find a business idea that is both realistic and viable.
Here are some ways to develop business idea that works;
1.Make a list of things you love to do and would do for free. Think about how you could turn these things into business.
For example, if you are passionate about healthy living and spend your free time researching recipes, finding new ways to work out and read up on the newest health trends — why not start a blog or coaching business with your expertise?
2.Think about businesses and industries that you would have an unfair advantage in. This could be based on extensive industry experience, knowledge, skills or network.
3.Use your skillset; If you’re not trained in finance, you wouldn’t open an accountancy practice. It’s the same with any business – you’re far more likely to make your idea a success if you focus on the skills, you already have.
Vicki Anstey, founder of Barre works, quite her job to set up a dedicated Barre studio after discovering a ballet workout technique that revolutionised her body, posture and confidence.
More tips to help you:
▪Don’t be a perfectionist : if you wait for your idea to be perfectly formed, you could waste months that could be better spent testing out the ” maybe ideas” that could potentially become something amazing.
▪Many of the most successful world: changing ideas don’t just offer a new product or service. They seek to change the way people approach their day-to-day living. Changing someone’s mental outlook will have a far greater reach and impact in the long run.
▪Your initial business idea doesn’t necessarily need to be world-changing in of itself. But when you pair it with a properly aligned philanthropic effect, you can become a true force for good.
You can work with Espact team to help you with your business ideas, business plan and development.
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