Business ideas come and go. One minute you can be sat staring blankly into the wilderness, the next a simple thought can catapult you sky high. But what really makes a good business idea is not the inspirational moment of realisation, but the persistence and hard work that is essential to overcoming the inevitable obstacles in its path.
Think of an idea. Think how many people there are in the world. Think how many businesses there are in the world. Each business will have derived from an idea and it is the transformation from idea to reality that will in fact have made the business a success.
What Makes A Business A Success
From self-sufficient self-employers to start-up SME’s and worldwide conglomerates, a number of variables come into play on the road to business success – capital, logistics, luck. But a business plan doesn’t have to be a lengthy 40 page document, simple clarity of a company’s mission, management, capital, risks and competitors can prove the perfect formula.
Whatever the size and scale of your ideas, finding a starting point can often prove daunting. We’ve teamed up with JM Electrical Services, leading electrical specialists with over 20 years’ experience in electrical design, installations and maintenance, to explore how you can turn a business idea into a real business opportunity.
Self-Assessment
It’s key to know where you (or your teams) strengths and weaknesses lie. Do you have specialist experience? Hold qualifications and knowledge? Have connections and contacts within your industry? By identifying these personal and professional skills early, you will be able to gauge how you will make your mark in your industry.
New, Re-Define or Re-Invent
Some of the best business ideas are not new, ground-breaking realisations, but simply a re-thinking of a current service or product. Take JM Electrical Services for example, there are hundreds of commercial and industrial electrical engineers out there but what they have done is identify a need for a truly bespoke and specialist service.
This customer-orientated service has proved influential in their twenty year history and can prove as an inspiration for you. The goal may not be to make, invent or provide something new – but simply take a new approach. For information on how to push a product forward, check out this article http://www.entrepreneur.com/answer/227659
Capital
Often the struggle for many start-up businesses, finding the investment and the capital to catapult an idea can prove tricky. But if you have a sound business plan, have carried out your research and highlighted realistic profits and goals, investors, banks and loans companies will have a clear understanding of the potential of your business and be more willing to invest.
The Digital Industry
It is the direction that our world is very much heading as businesses become digitalised, services transformed into apps and the World Wide Web making the viral visceral. Technology continues to bulldoze almost every industry so make sure you aren’t left behind. From the technically-enhancing to the service orientated, welcome the opportunities of the digital world with open arms and look at a new way of working.
Business is a funny old game. It has a tendency to produce problems, a knack for aggravation and can be overwhelmingly frustrating. But by following these tips, you can get the basics right when it comes to your new business venture – whatever it may be. Thinking of starting your own business, then check out http://www.entrepreneur.com/ for tips, advice and stories from industry specialists.
Phil Warrington, a business blogger, looks at the formula needed to make your business idea a success with the help of JM Electrical Services.
I think that’s what holds most people back, the fact that they don’t readily have capital to start a business. If you have a solid business plan it won’t be such a tantamount task to get some funding.
Other businesses, especially online, you can start with next to nothing.
Great post.