MY BUSINESS IDEA
By reading this website, I have taken the first step toward my
dream of starting my own Microbusiness.
At the moment,
however, it is only a dream and I am not sure if my
idea can be
translated into a business, or, I may not yet have
defined my idea for a business.
Where do business ideas come from? How can I find one? Can I test
my ideas to find out if they are sound?
Basically, I can find business ideas in four main areas:
invention, observation, someone else's omission, permission.
Each day, all around
me, I find my life made easier by inventions,
(computers, airplanes or disposable diapers or
processes (chain assembly, conference calls or microwave cooking).
My idea can come from either a new or better product or a better
method of doing something important. The best example of a microbusiness started by a new product
Apple Computer, started in a shed.
A better process can be exemplified by Cable T.V., started by local
TV repairmen, in remote areas, to bring
choice in programming, to customers living in isolated communities.
Is my idea for a new business along these line?
How often have I not said to
myself: "If I ran this business,
things sure would be
different" or "Why don't they provide this
service?" These observations or
questions can lead me to a sound business
idea. If I find an
unfulfilled need, I can build a business by
supplying this need.
A young California
entrepreneur detected a strong need
for status conscious
Californian motorists, and invented the fake
cellular telephone. It looks
exactly like the real thing, including
a fake antenna, and costs
only $15.95. It is called the Cellular
Phoney. She has sold more
fake phones. Simple
observation led to this success.
The vacuum created by
danger, repugnance or boredom in certain jobs
has led to the creation of
very profitable businesses. As an
example of dangerous occupations, I can think of businesses concerned
with putting out oil well fires, the handling and
disposal of toxic wastes,
diving to clean sewer pipes or to weld
or to look for lost golf balls. Repugnance has been at the
origin of such businesses as, garbage
collection or disposal,
reprocessing waste, cleaning out septic
driving a taxi.Business have been created to take on boring jobs, such as, stuffing
envelopes or assembling components or simple products. Is there
some service that nobody wants to do, that I could start
my business from?
Today's hottest business concept
is franchising. Franchising, simply put, is
the permission to sell a product or
service, under controlled
circumstances, in a specific territory and at set
prices. The most successful example of a franchise is
McDonald's, the home of
the "Big Mac".. Another type of business resulting from a
permission is the
Licensing Agreement. A foreign or far away
Company will grant someone the permission to
sell its product or service,
through licensing, against a per unit royalty.
This licence will determine the territory, if the right is
exclusive or not and the amount of
royalty per sale. A licence is
much less restrictive than a franchise and can also apply to
manufacturing a product. Licensing is
often obtainable for free, whereas franchising is not.
It usually has a limited life,
franchising is forever.
Following is a
WORKSHEET which will help me define my business idea,
describe its advantages and get me started on my journey
toward my own microbusiness.