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The best ideas for a good business: advice from an expert

I recently asked a very successful entrepreneur friend about his best ideas for a good business. He had a lot of information to share on how to make sure the business he is starting is successful. Below are 3 tips that he shared with me.

1) Market niches. If you think the market is saturated with the particular type of business you want to run, consider a niche. For example, if you’ve always wanted to start your own bakery but live in an area with multiple options, try opening an organic bakery. You can focus on providing healthy, chemical-free alternatives to the other sugary sweet processed foods on offer. You may not have as many customers as the other bakeries, but yours will be more loyal and will be willing to pay a little more.

2) Learn from the mistakes of others. When a business closes its doors in one area, other people are likely to be wary of opening a similar business. Obviously, the area could not support that particular company. Or could it? Often times, it is not the type of business that is to blame, but the way it is run. Pay attention to the circumstances surrounding the closing of the defunct business and learn from your mistakes.

3) Be flexible. Of course, you have your dream business all planned in your head. Once you have a clear vision of what you are trying to achieve, it can be difficult to let go and realize that certain aspects may not work. Remember, your bottom line is about making money. Enjoying the road is simply a bonus.

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