I recently asked a very successful entrepreneur friend of mine about his best ideas for a good business. He had quite a bit of information to share about how make sure the business you’re starting will be successful. Following are 3 tips he shared with me.
1 ) Niche markets. If you think the market is saturated with the particular type of business you want to run, consider a niche market. For example, if you’ve always wanted to start your own bakery but live in an area with several options, try opening an organic bakery. You can focus on providing healthy and chemical free alternatives to the other sugary sweet processed foods being offered. It’s likely you won’t have as many customers as the other bakeries, but yours will be more loyal and will be willing to pay quite a bit more.
2 ) Learn from other’s mistakes. When a company goes out of business in an area, it’s likely that others would be wary of opening a similar business. Obviously, the area couldn’t support that particular venture. Or could it? Often it’s not the type of business at fault but the way it was run. Pay attention to the circumstances regarding the closing of the defunct business and learn from their errors.
3 ) Be flexible. Of course you have your dream business all planned out in your head. Once you have a clear vision of what you’re trying to accomplish, it can be difficult to let go and realize that certain aspects might not work. Remember, your bottom line is all about making money. Enjoying yourself along the way is simply a perk.