When evaulating possible business opportunities and ideas it is essential that you take the time to understand the market you will be selling in and the market for your product or service. You need to establish if the two markets overlap and, if they do you need to determine if:
- There is a demand for the product or service in the market, if so is it big enough to make your business idea profitable?
- If the current or future supply outstrips the demand (is the market oversaturated).
- What price the market will support and which way the price is moving.
- Which sectors within the market are the least and most profitable.
- Which sectors within the market are the least and most competed.
Putting this checklist into practice might have helped last nights losers on The Apprentice (UK) to realise that selling cheap british cheese to the French was not a good business idea, as the demand is not present in that market.
This blog is about business opportunities and ideas that I spot, think of or hear about and think are useful and interesting. It is intended to provide ideas and inspriation for you to help you find the right business idea for you to then grow it into a successful business.
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