If your dreams of running your own business are frustrated by the notion that you have to come up with a brilliant new idea, think again. The key is to come up with a business concept that is relevant in today's market to meet customers' needs. The majority of successful new businesses are based on existing ideas, products or services with maybe a tweak or improvement in the offering, thereby creating its appeal in the current market.
We all develop a unique set of experiences in our work and personal lives and this is where we suggest you go hunting for your own new business idea. To achieve this you need to undertake a thorough, logical and well-organised search – including researching the current market – and the ideas will begin to flow.
Our suggestion is that you adopt the following three-stage approach:
