Do Business Well

To find ideas for starting new small businesses, you need to follow the procedure for generating ideas from generic needs.

I made a list of ten basic needs — food, education, clothing, accommodation, entertainment, security, transport, business services, health and income generation — and thought of a number of ways to satisfy each of these needs. It was discovered that two or more needs could sometimes be satisfied by the same idea.

After this, the number of ideas was reduced to a short-list of better ideas, by discarding those:

• That require a very high level of skill
• That can only be done on a very large scale

• that are difficult to differentiate from existing businesses for which the market is oversaturated.

The level of competition in the industry is also indicated. The higher the growth rate and the lower the level of competition, the easier it is to make profits.

Food

Growth in demand: medium

Competition: high

People always need food, and there are always opportunities in this area. Due to a generally high level of competition in the food business, differentiation (making your product better or different) becomes important. Ideas were generated for a range of food- related activities, from primary production to manufacturing to preparation.

It is important to note that health regulations for catering or food-manufacturing businesses are quite strict. For example, food prepared at home must be prepared in an area that is separate from the household kitchen, and no animals should have access to the area. There are usually minimum size requirements for a food- manufacturing operation, as well as regulations governing the way in which food is prepared, stored and packaged. It is a good idea to contact your local health department before setting up a food-based operation, in order to find out the precise requirements.

Education

Growth in demand: high

Competition: medium

The high growth rate arises from both population growth and increasing competition for a limited number of jobs. Competition comes mainly from free (government-provided) education. Instruction could be aimed at the pre-school, primary, secondary, tertiary or adult education levels. There are opportunities in academic education (core or supplementary) as well as in teaching vocational, recreational and life skills.

Clothing

Growth in demand: medium

Competition: high

Although there are good opportunities for profit in clothing, competition is high, especially in mass manufacturing. Clothing satisfies both functional and fashion needs, and many opportunities arise out of satisfying the need to be fashionable. There are still many opportunities in the manufacturing, selling, repairing, washing, altering and designing of clothes.

Possibly related posts: (automatically generated)
Small Business Opportunities Compared

• Previewing the Business Plan: The Best Type for You
• Planning a House
• Fine Architecture Revealed
• What All Plans Must Cover
• A perfect Business Plan to Cash Money in, Start to Work from Home today
• Making a Plan: how to construct a simple and workable business plan part 1
• Off job Survival, Small Business Startup
• You Need Family relationships to Run Home Business
• Pursuing New Territories continue...
• What Are You Selling?

5 Comments »