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Finding your perfect business idea

Key points in this article

  • Mapping out your own business
  • Searching for growth areas
  • Looking at the long term

Becoming self-employed is a growing trend. The opportunities are endless – but what is the perfect business idea for you, and how will you know it’s the right one? Take a closer look at the range of skills and experience you’ve built up over your working life, both in various jobs and outside of work. Which workplace environments were more enjoyable and interesting? Think about: the skills you’ve learned in the workforce what you most enjoy doing when not at work additional skills you’ve built up through a hobby that you’d like to turn into a job.

Know your perfect business model

If you could choose a perfect business model, what would it be?

For some, it might be setting up a platform where earning income doesn’t require working. For others, it could be spending as much time as possible working on something that’s rewarding and engaging.

How would your ideal business be run – and what role would you have within your business, to make it challenging and enjoyable?

Take time to map out what you want from your own business and what you’d like to achieve

Research your options

 Look deeply into how you could use your skills and experience in line with your ideal business model. Research your possible options by: making use of the Internet to find out what’s trending attending conferences and exhibits browsing the Bureau of Statistics and Austrade sites

Opportunities are out there for you to utilise your skill base via gaps in the market – the trick is discovering what those opportunities might be. By researching your options, you’ll be one step closer to finding your perfect business idea.

Look for areas of growth

People are prepared to pay for perceived added value – so is there room for your business in a growth area of interest? Search for growing areas that interest you and find out more about the businesses that are succeeding in these industries.

Take into account the current economic situation and whether there are certain markets that aren’t being effectively supplied. Is there a market where you believe you could offer a better service or product than what’s currently available? Make a list of potential opportunities.

Growth areas are where the opportunities are – search for yours by looking at these industries

Gather your available resources

Speak with your family, friends, colleagues, and other business owners to find out whether they see your idea as solving a problem – or being a solution to what consumers want. Think about the outside help you’ll need to take your idea tothe next level.

 

Undertake a long-term approach

Take a long-term view by knowing when an idea is just part of a fad and when there are genuine global or local trends with future growth potential. Try not to be held back by thinking you still haven’t found the perfect business idea. Sometimes the ‘perfect’ idea is the one you’re already considering. Now, can you actually get your business up and running?

Your ideal business will preferably be part of trend with a long-term future

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