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new business ideas
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failure rate
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home business
Home Business Start Up Ideas - How To Figure Out Which Ones Will Succeed?
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Home Business Start Up Ideas  -  How To Figure Out Which Ones Will Succeed?

Here you are, armed with your home business start up ideas and you're wondering how to start a business.

Which one of these new business ideas are likely to succeed?

You've heard about the failure rate of small start ups and you want to prepare well so that your business will not join those statistics.

An established demand

The main secret sauce is demand. This applies whether you're a global corporation or you just want the best home business to start.

I realize this is pretty obvious, but the issue of demand needs focus as there are just too many businesses that fail while they're waiting to build market share. This is not a concern, where you have the time and capital resources behind you while you wait for the consumer market to demand your product or service.

As a small business confused with a list of home business start up ideas, choose the ones most likely to be profitable in a short time frame and please, concentrate your efforts on products or services that have an established demand. As a small business, you cannot afford to spend your time and money educating the public, no matter how wonderful your new business ideas.

I cannot stress this more strongly.

I've seen businesses go broke with really great new ideas, great business plans, energetic directors and owners and dedicated franchisees.

Leave the embryonic businesses to well capitalized corporations.

Cull your new business ideas

The first step in how to start a business is always to work out current demand and supply.

Firstly, is there room for another supplier, you, in your location?

Secondly, with another supplier in the market, will this affect prices? Will the business still be profitable?

Then look into the future the best you can to determine if demand will continue to expand or retract, perhaps affected by:

• technical obsolescence

• increase in competition, for example a large number of franchises soon to be released

• changes in demographics, affecting demand.

• likely impact of economic or industrial changes

• increased supply from more competitively priced sources

The change in demographics is particularly important as I consider the economy is based ultimately on people's consumption patterns. With larger and larger numbers of baby boomers now heading towards retirement, will demand for your product decrease or increase?

I understand the echo-boom does not occur for another 15 years. So, plan ahead and prepare.

Summary:

These are the first and primary steps in how to start a business:

Always worry about demand and supply issues before you consider the next steps.

New business ideas are exciting and full of possibility but are also the ones likely to send small businesses broke - quickly. As a start, trim your home business start up ideas and limit them to those with high existing consumer demand and low enough competition.

Don't fall in love with a sparkling new idea unless you can afford to lose the capital. Think like a corporation.

Wishing every success in business!


Street Talk

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