Great Business Idea?

by our Mumpreneur Guru, Antonia Chitty

September is a great time to start a new business. If your children are school-age, you’ll have a few more free hours. And if you have pre-schoolers you may be starting a new term at nursery or playgroup. What’s more, if you want to start a business selling toys and gifts you need to get up and running this month before Christmas sales, fairs and events start.

But what makes a great business idea? Starting any business is a risk, and most mums want to maximise the chances of their business being a sure fire success. Getting the idea right in the first place is vital and can save you time, money and effort. Here are some factors which will help you check out the pros and cons of any business idea:

Does the business have a unique niche?

The more unusual your business, the less competition you will have. If you can find a unique niche, supplying a group of customers with something they can’t get elsewhere, you’re onto a winner. The internet has made it easier to reach out to groups interested in your special niche. Watch out for niches that are just too small for a viable business, though.

Will it suit you?

Before you evaluate a business idea, are you sure about your needs? What hours do you have available to work? Are you looking for pocket money or an idea with potential to support the family? You might want to take into account whether you want to use childcare, or would prefer a business where you can keep the kids with you. In ‘The Mumpreneur Guide’s Start Your Own Business Book’, the first chapter includes an exercise to help you assess your needs.

What will it take?

Once you are clear about what you can commit to a business, you need to assess the resources that the business will take. What hours will you need to invest? The amount of money you can invest to start your business is another key factor in deciding whether a business ideas is a goer. This is where a business plan is helpful: the more work you put into planning your business the easier it is to cost out your expenses for the first year and more.

Make sure it will work

So, once you’ve weighed up your business idea and are convinced that you have a go-er, what next? Well, good research is the next step. Come up with an outline of what you want to sell and some possible charges. Create a survey of potential customers and get their views on your offering. Make sure you spread the survey beyond friends and family who are likely to give you positive responses.

If you follow these tips you have a great chance of starting a successful business.