Research Your Idea For Earning Money Before You Spend A Penny!

Omit this at your peril. Whatever your plans you must research your idea for earning money. It’s not just question of losing money. You don’t have time to waste either. At a basic level you need to find out what similar services or companies operate in your area and what they are like. Is business good for them or are they struggling. Even if you have a budget business idea that’s going to cost peanuts to set up you have to ask these questions.

What sort of research is involved?

Well, it’s different for every business. So lets look at a couple of examples. Lets suppose you’re great in the kitchen and cakes are your thing. Well you’re not going to start baking cakes until you know where you are going to sell them and what the outlet wants, are you? Those discussions will include whether there’s any demand for what you can bake and whether the outlet has any preferences. And so it goes on..

Or maybe you want to be a pet sitter. A great part time business opportunity. You’ll need to find out what other services are charging and what extra services they offer. Do they have websites or do they get their business from leaving cards at local vets surgeries. Are they registered with relevant associations. Would you need to be? It’s only by doing your home work that you’ll find out how to charge and how to find customers.

Speak to out of area competitors

It’s often assumed you can’t speak to would-be competitors. But that’s not correct. Speak to people actually doing what you want to do, but make sure they are out of your area and you don’t compete. Be nice, be polite and you’ll be surprised how helpful people can be.

Use the forums

Many forums are active and if you can’t find a specialist one don’t be afraid to ask questions, but read the forums rules of how to behave first. You don’t want to get banned before you have asked a question.

Don’t ignore friends and family

Don’t ignore family and friends if their experiences could be relevant to your plans. If they are used pet sitters ask away. Your family’s connections may even be able to help you start your business.