Business Ideas to Avoid

bad business ideas
Some business ideas that entrepreneurs should avoid

Innovation can be a tempting prospect for a newly-minted businessman: the chance to join the ranks of America’s great inventors, the George Washington Carvers, the Eli Whitneys, the Edisons and the Franklins. After all, the creation of a new product is the ultimate form of going into business for one’s self. Independence, the thrill of trying to establish a brand-new market or capitalize on unexploited sectors; it’s all very alluring.

Consider, however, the difficulties inherent to formulating not just a new product but the marketing methods, permits, patents, and certifications necessary to make it profitable, legal, and appealing to your intended market. This is the stage at which most business plans take a bullet.

Poor planning, insufficient forethought, an inability to cope with the challenges that inevitably arise in any business venture consign many fledgling ideas to early graves. Be mindful of your idea’s broader implications, consider carefully the steps you’ll have to take to get it off the ground in a timely, aboveboard manner. Keep in mind the unique difficulties associated with novelty and do your best to be prepared to meet them.

Pursuing an established market may seem, when contrasted with the challenge of pioneering a new one, like an attractive option. However, this model carries its own significant challenges.

First and foremost is publicity. Competing against established brands is like marching into Russia in the winter; cold, inhospitable, and unlikely to succeed without massive infusions of money and manpower. Imagine trying to market a new brand of soda pop. The competition you’d face from giants like PepsiCo and Coca Cola would be completely impossible to overcome. Innovation is a tough game to play, but nine times out of ten you’ll have more success with a well-thought-out original idea than you will going toe-to-toe with the corporate big boys.

Novelty for its own sake is almost always a bad idea. Don’t rush your idea to market just because it stands out; that’s not always a positive thing. Novelty products almost always lack broad appeal and usually fail to take hold as viable brands. You might achieve some sort of flash-in-the-pan success, but long-term stability will almost certainly elude your grasp.

Verifying that you’ve conceived of a solid idea with strong market potential is a difficult process. Peer review, consultation with industry professionals, and market tests are an essential part of vetting any brand or product before more serious action is taken.

Liaise with advertisement agencies, examine the range of personal loans for which you are eligible, and pursue investors interested in your project. Once you’re comfortable with your research and your idea’s performance on a limited scale, consider expansion.

There are plenty of options out there for a determined self-starter, so don’t hobble yourself with poor preparation.

Thanks for reading and we hope you enjoyed this post which has been provide by Neil who is head of marketing for eMobileScan. Which is a company that helps small business to cut costs and reduce paper processing. They do this by building solutions around handheld terminals like the ES400 and Motorola DS4208

Image: KIUI staff / Flickr

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