Business Ideas.. What next?

Discussion in 'Business Ideas' started by JBMedia, Aug 10, 2009.

  1. JBMedia

    JBMedia
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    Ok, so I have various business ideas brewing in the back of my head at all times. I want to pursue such ideas, but my problem is I don't honestly know how to find out if they are profitable ideas. Which as well all know, in order for a business to be successful, earnings need to exceed expenses.

    Anyways, my main question(s) here is:

    1. How do I know or can find out if my business idea is truly profitable?

    2. How can I even consider beginning a business when I have no type of investment money at hand, nor any good credit. (College Student)

    3. What are the odds of others stealing/taking my idea if I collaborate with them to get feedback on the idea?

    4. Where can I research ideas for businesses that are honestly and truly not even so much on the market yet at all?

    I appreciate any help.
    Thanks
     
  2. Fergal

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    Hi JBMedia, thanks for posting your business questions. Are there already businesses out there, similar to the business that you would like to start? Or are you planning to launch a completely new type of business?

    If you have a few business ideas in mind I'd suggest you pick the one that interests you most and move forward with researching it. If your research suggests that the idea will not work then start looking at your next most interesting idea.

    Unfortunately you can never be 100% certain that your business idea will be successful. However, it is very important to research the idea to ensure that you have the best chance possible of succeeding.

    Probably the easiest way to research your business idea is to start working on a business plan. This doesn't have to be a complicated or long drawn out procedure, a few hours of quiet time with a pen and paper or keyboard can bring a lot of clarification. You should find the business plan templates listed in our Useful Business Resources / Links thread helpful.


    Again the business plan can help you here. It will help you to clarify exactly how much funding you will need to start the business. If the funding requirement is too high, the research that you have done in putting the business plan together may well help you to identify a smaller start-up idea that you could develop on a much lower budget.

    If you really can't access funds you could start by publishing a blog related to the industry, you are interested in. This will help you to learn a lot more about the industry, increase your profile within the industry and hopefully start generating some advertising revenue. If this seems like a good approach have a look at the blogging sections in our Useful Online Business Resources.

    Most people over estimate the risk of someone stealing their idea. The truth is that the execution of the idea has a greater impact on success than the idea itself. If you work on your idea with energy, enthusiasm and focus it will be difficult for others to steal it. If you have an idea for a business that you feel is completely new, the chances are that there are already other people thinking along the same lines.

    There is still a risk that someone can steal your idea. However, there comes a time when you have to take a chance and start moving forward with it. If you worry too much about the risk, your idea will remain an idea and never develop into a business.

    It is possible that someone could steal your idea and make it successful, to the detriment of your business. If this does happen it would be most unfortunate. However, you would learn a lot from the experience, that would help greatly with your next business. Even this unfortunate scenario, would be better than keeping the idea in your head and not doing anything about it.

    There are some steps you could take to help protect your idea. You could ask potential partners to sign a Non Disclosure Agreement (NDA) before you discuss the idea with them. You might want to ask a lawyer for help or you could go with a template.

    Start by thinking about who your target market will be. Again, take some time with a pen and paper and scribble the answers to questions about your target makret;

    What needs or problems have they got, that are not being solved by existing businesses?

    Why would they use your product or service?

    What benefit will they get from it?

    How are they spending their money at present?

    Why would they stop spending on their current purchases and buy from you?

    What will be unique or special about your business?

    Please let me know your thoughts and let us know if there is anything else we can help with or if you have any further questions.

    Good luck with it!
     
  3. JBMedia

    JBMedia
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    I appreciate your help and detail Fergal. I knew I'd get such a response from you, hence, why I posted my problem on these forums to begin with. That helps me clarify a lot of things. One of my problem's is I get to much stuff running through my head and I forget to think about the more-so basics.

    I appreciate it. I'll let you know when I get some more ideas rollings on how to start up everything.
     
  4. DEADMAN

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    JBMedia, here are your answers to the question.

    There is no measure or sure that your idea will be profitable. So, before launching you have to take advice or even share them if you want to get 100% profit.

    Business without money is like no effort at all. But even thou you're creative, you may ask help from other investor. Tell them about your plan and if they're interested, they'll surely invest. However, thoughts of taking loan and making only you in profit may put in risk.

    There is always odd when one idea is being overtaken. But, however you need to motivated that your idea is been used because it is worth idea. You'll of course get positive feedback as well as improving points.

    Marketing strategy and knowledge. Your true research on the marketing will help you for the ideas that are not implemented or so much at market.
     
  5. phillips

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    Focus on cash flow, not profitability. The theory is that profits are the key to survival. If you could pay the bills with theories, this would be fine. The reality is that you pay bills with cash, so focus on cash flow: a small upfront capital requirement, short sales cycles, short payment terms and recurring revenue--and pass up the big sale that takes a year to close and collect. Cash is not only king—it’s queen and prince, too.
     
  6. JBMedia

    JBMedia
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    Well, I guess I mise well say what my business idea is. It's to backup and store and medical history. And I don't mean of a few people. I'm talking about a huge database. That should and only will be accessible by certain people and always closely monitored. I thought of a possible way of expanding for revenue is offering people to have their medical history stored not only on the secure private server but also on a disc that we would send them for a fee. In a way it's more of a "service" type of business.
     
  7. Nazreen

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    As Fergal has mentioned, there is no guarantee that your business endeavor will be profitable or not. But before even considering on starting your business, you should do the necessary research first. Just following in others' footsteps will not make your business successful. You must have an edge like introducing a new twist or innovation to an existing business idea.
     
  8. dominicbowen01

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    After you have a great and unique business idea, the next step is to gather the required funding to set up the infrastructure and start the operations.
    You can get in touch with angel investors who are ready to provide you with easy funds. I suggest this amaziing site to find investors for your business needs.

    http://midatlanticinvestmentnetwork.com
     
  9. Fergal

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    JBMedia, what country or city would you be setting up this business in?

    There was a actually a business based in my home town that provided exactly this type of service, I came across them a few years ago and I'm not sure if they are still operating. I just did a couple of quick searches on Google and couldn't find that much on them.

    Please see a quote below, from an article where they were discussed;

    Source: A health-e future?…
     
  10. JBMedia

    JBMedia
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    Wow, thanks for sharing that with me Fergal. I'm going over the source right now, which seems to have some real good information. I appreciate it! :)
     
  11. seanstevens

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    Hi JBMedia,

    Looking at the type of business you want to launch you will have to look at the data protection / privacy laws in your area. You may need a license to hold this kind of data and you will certainly need to prove to the authorities that your systems / location is secure.
    Seeing as your idea could have potential benefits for many people you may want to start some discussions with local hosiptals and the like, get a feel if this is something they are interested in and would like to pursue. If the interest is there you get your business plan in place and hold some informal discussion with potential investors (banks etc).

    During this stage you have nonthing to lose. If you have loads of ideas, the worst thing you can do is nothing. I wish you all the best for your venture.

    Sean
     
  12. great

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    Get the money lined up. Save up if you have to. Approach potential investors and lenders. Figure our your financial fall-back plan. Don’t expect to start a business and then walk into a bank and get money. Traditional lenders don’t like new ideas and don’t like businesses without proven track records.
     
  13. advice12

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    Do the research. You’ll do a lot of research working through a business plan, but that’s just a start. You need to become an expert on your industry, products and services, if you’re not already. Joining related industry or professional associations before you start your business is a great idea.
     

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