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Article Title: How To Start Your Business With One Good Idea
Article Author: Brett Krkosska
Article Copyright: 2005

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How To Start Your Business With One Good Idea
Copyright © 2005 Brett Krkosska
Home Biz Tools
http://www.HomeBizTools.com



Do you have an idea for a business? Perhaps the only idea you
have is that you NEED an idea so you CAN start a business.

Before turning any idea into a business, you must first have an
idea how to succeed. For most people, the definition of a
successful business is one which is profitable, and a profitable
business is built upon ideas that have been properly researched.

Here are 10 steps you can take to flush out an idea and turn it
into a profitable business:


1) Make a list of the reasons why you want to go into business
for yourself. Look at your list critically. Does starting your
own business help you realize these things?

An excellent book to help you get in touch with your underlying
motivations and desires, and create true prosperity from your
venture is "The Science of Getting Rich". Pick it up free here:
http://www.homebiztools.com/science.htm


2) Make a list of the things you like to do with your time.
Success can be elusive if you're not truly excited about your
business. What are your interests and hobbies? What are you good
at? What do other people say you are good at?

This list represents broad business models that will give you
the greatest joy over time. Decide which item(s) on your list
you would most like to develop into a business. If you need help
coming up with an idea, here are a few to help you get the
juices flowing:
http://www.homebiztools.com/ideas.htm


3) Focus on filling a niche. It is your expertise, uniquely
practiced and applied within your business field, that creates
your niche in the market. Throughout the research stage of your
idea, pay close attention to how your business can fill a niche.
For more on choosing a niche, here is some sound advice from
Willie Crawford:
http://www.homebiztools.com/niche.htm


4) When your business idea begins to take shape, talk to
friends or family who own or work in a similar business. Get
their input on your idea. What needs improved on? Why should it
be improved and how? Talk to business owners in neighboring
towns - so you won't be perceived as a competitor -and get their
input on your idea. These people will likely have insights you
never considered.


5) Participate in discussion forums. This is a great way to
take the pulse of your potential customers. You can also see
trends, get feedback, and establish working relationships with
like-minded people. Here is a list of good places to start:
http://www.homebiztools.com/discuss.htm


6) Evaluate the demand for your product or service. You need to
understand the pace and direction of your industry. This
understanding alerts you to shortcomings with your idea and
helps you channel your energies correctly. It also helps you
approach your business with innovation and vision.

For a snapshot of demand by Internet users for your product of
service, start with the Keyword Suggestion Tool from
DigitalPoint.com. It shows how often people are searching for
phrases related to your business idea.

You should also analyze the available research data. There are
several professional organizations which gather data on a wide
variety of subjects. Here a few starting points:

National Small Business Association
http://www.nsba.biz/

Nua Internet Surveys
http://www.nua.ie/surveys/

Forrester Research
http://www.forrester.com

National Association for the Self-Employed
http://www.nase.org/

National Foundation of Women Business Owners
http://www.nfwbo.org/

National Federation of Independent Business
http://www.nfib.com/


7) Research businesses in your surrounding area in order to
size up the competition. Look for ways you can gain a business
advantage over your competitors. Ask yourself how your business
will be better and different.


8) Visit your competitors online. To speed up online searches,
utilize Dogpile's multiple search capabilities. Dogpile queries
the top engines for your search term and returns the top
listings for each:
http://www.dogpile.com


9) Define the operation of your business. Here are some key
questions you should answer:

- What skills and experience do you bring into the business?
- What are your fixed costs and expenses?
- How long will it take to make a profit?
- What laws do you need to comply with?
- If you need financing where will you get it?
- Do you need insurance coverage specific to your business?
- What will be the legal structure of your business?

For help with these questions try these resources:

Budget Calculator
http://www.homebiztools.com/startup.htm

Making Your Business Legal
http://www.homebiztools.com/questions/legal.htm

Start-up tutorial by the Small Business Administration
http://www.sba.gov/starting_business/startup/basics.html

Free email counseling from SCORE
http://www.score.org/


10) With the information gathered from the steps above, you now
have the means to begin writing a comprehensive business and
marketing plan. For help in this area try the resources and
software available at:
http://www.bplans.com
http://www.sba.gov/starting_business/planning/basic.html

At the root level, the small business owner has a burning
desire to succeed, a "never quit" attitude, and the ability to
attract and implement needed resources. All you have to do is
throw your research and planning into the mix and you're well on
your way to a successful business.



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Brett Krkosska provides how-to advice on small and home-based
work issues. Get start-up guidance, business ideas and
inspiration at http://www.HomeBizTools.com. Pick up Brett's
syndicated column for a fresh and original perspective on
today's business issues:
http://www.homebiztools.com/content/syndicate.htm




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Distribution Date and Time: Tue Jan 4 03:54:20 EST 2005


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