You have had one of those eureka moments and come up with great business ideas. Are you sure that you have found an opportunity that nobody else has. You've found that a window of opportunity - or you're going to run up against the wall. Here's how to check that there is indeed a possibility before you spend your hard earned cash to find out!
To the window of opportunity that will be sustainable and profitable you have to have a number of factors working in your favor:
* New Ground: Are you absolutely sure that no one else is doing what you want to do? Have a good search on your favorite search engine. Be careful if you want to ask around - do not want people to know too much and lose its competitive advantage
.* previous failures: people tried to do this before and failed in that? Examine why and make sure that you can avoid these problems when you start your new job.
* previous failures: people tried to do this before and failed in that? Examine why and make sure that you can avoid these problems when you start your new job.
...* Will it work: I know that the company thought it would be a good idea to provide fresh flowers to local businesses, instead of potted plants that are commonly found . Business folded when it was discovered that the life of flowers in a business-like atmosphere is just a few days - which meant that a buyer or a wilted flower or a little return on their investment. It turned out that other florists have been tested this option and rejected it for the same reason.
...* Will it work: I know that the company thought it would be a good idea to provide fresh flowers to local businesses, instead of potted plants that are commonly found . Business folded when it was discovered that the life of flowers in a business-like atmosphere is just a few days - which meant that a buyer or a wilted flower or a little return on their investment. It turned out that other florists have been tested this option and rejected it for the same reason.
...* Stock: Can I get raw goods you need on a regular basis. If the frame you need - Will you be able to attract them to work for you? There was a couple that were intended to provide a true British sandwiches on the beach visitors to Cyprus, unlike the Greek based snack food. What they completely forgot to explore the availability of a British type of bread in Cyprus! For our American friends, the British sandwiches are flat and triangular, and the British sliced bread needs to survive!
...* interested in the market: Is the reason that no one else has entered the market, people are not really interested in it? Make sure it's not your enthusiasm just makes it so attractive opportunity. Do your research. Are people looking for something like this? Do people make connections with other things and not likely to change? These catalogs you get in junk mail are full of "useful gadgets" that can not find a reseller.
...* large enough market: Do enough market research to ensure that you will be able to sell enough goods or services to you. Sometimes the window of opportunity are too small to get through!
...Here are some of the windows features that have made people millionaires:
...Here are some of the windows features that have made people millionaires:
...* yellow stickies - where would we be if we had a bunch of these on our table when we returned from lunch
?...* yellow stickies - where would we be if we had a bunch of these on our table when we returned from lunch
?...* Cat's eyes - those glass lights that indicate the edge and middle of the road at night and during bad weather
....* Sock Shop - oh joy of being able to replace socks, stockings and tights, while the paper
....* Sock Shop - oh joy of being able to replace socks, stockings and tights, while the paper
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