We have a lot of ideas flaoting around in our heads. The most important thing is to just get started. The only other problem is that we cannot fail. No pressure there right. I think that is why we are having such a hard time picking just one idea. How do we decide what is best for us, keeping in mind cost and the ability to be rock solid in a year or so. Are we just pretneding that it will let us survive? Are we kidding ourselves? How do we look at it rationaly and without the excitement of our own business
Tina's suggestion really is great. That is exactly what I do each time I find an interesting business opportunity or a new business venture (which is quite often).
I write out a business plan each time to see if it's even worth pursing. What may seem like a great business initially, doesn't look so appealing when you break it down methodically and see the income potential. Don't just focus on sales potential, but on profit. Figure all of your expenses, startup and ongoing monthly expenses to get a complete picture.
Then look at your competition and think about a marketing plan. What about your customer base? Will the demographics work?
It's amazing how much information you will find when you start putting it down in writing.
Get a piece a paper draw a line down the middle, put the costs on one side and the benefits on the other, ease of start-up etc.
Pick 3 ideas and research and rank them looking up past small business articles in magazines. They all have best start-ups for 2008. Look at your state business government site, what businesses are needed in your state and in your city, what are people demanding currently?
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