Introduction
A good business idea could be an invention, a new product or service, or an original idea or solution to an everyday problem. It might also be:
- a gap in the market that you can fill
- a business related to the work you do already
- an interest or hobby that you can turn into a business
Whatever you idea is, you need to be sure it fits with your needs as an individual, as well as being a viable business proposition.
Questions to ask yourself
- What is it that you will personally bring to the business in terms of relevant experience and expertise?
- Is there a market - a need for the idea, and customers who will pay for it?
- How big is the market and how will you reach it?
- Who will be your main competitors?
- What is special about your idea, making it different from similar products or services already out there?
- How will you fund you idea?
- What might go wrong?
For information on turning your answers to these questions into key documents for your business, see our pages on how to prepare a business plan and write a marketing plan.
Other sources of help
- Discuss your ideas with friends and colleagues,particularly those who know about business
Help for people under the age of 30
- Help with setting up your own business is available from the Shell LiveWIRE scheme. Find out about the Shell LiveWIRE scheme on their website.
- If you have a good idea for a business but can't get funding, the Prince's Scottish Youth Business Trust scheme may help you by offering a low interest loan, a grant or mentor. Find out more about the Prince's Trust on their website.
