10 Tips on how to turn your idea into a viable business

10 Tips on how to turn your idea into a viable business
Panagiotis Koutoudis
by Panagiotis Koutoudis

If you are questioning whether your business idea can be a success, take a look at these 10 tips for creating the ideal business.

1Know your strengths and weaknesses - If you already know where your weaknesses lie, it will save you from falling over your first few hurdles. In a similar way, you should always build on your strengths.

2Be original - If you have an original idea, you could already be on to a winner. However, there must be a market for it. There is no point in trying to sell a chocolate tea mug- completely useless!

3Be different - If you cannot be completely unique, be different. People want to see innovative products that change the way we look at things. Put a fresh spin on something that has already been done.

4Be ready to grow - Different markets have different peak seasons and sometimes an unexpected wave of growth can occur due to a new trend or fashion. When something like this happens, you have to be prepared to make the most of it.

5Bring something home with you - There are many people that bring ideas from foreign countries and have made a huge success. You may spot something that could fill a gap in your market.

6Competition - No matter what market you are in, you will always have competition. Keep an eye on them!

7Know your stuff - If you have products and services that are also offered by another business close by, you may want to think about becoming a specialist in certain areas to offer something they do not.

8Find a niche market - There are plenty out there and if you can target one with your idea, do it.

9Think global - Your idea may have tremendous potential so keep thinking to the future.

10Intuition - The most important thing about succeeding in business is to use your gut and listen to it.