Cobalt home       e-news       Site map       Contact us       Sanlam home
Business ideas

It's one thing to come up with ideas, but another to make sure they turn into profitable businesses. An idea's viability depends largely on how you bring it to fruition and market it, says the Business Referral and Information Network. Their advice for generating and pursuing new business ideas is:

  • Use an idea only if you know a lot about the subject or are motivated enough to become an expert in that field. The idea should harness your existing talents. Don't, for instance, decide to write scripts for movies if cooking is your great love. Do something you feel passionate about.
  • Make sure there is a sustainable need for your product or service. Get to know your market and your competitors. Many plans have failed because innovators failed to identify their competitors.
  • Spend time writing a viability study. This will help you compile a business plan. If you have misgivings, try something else.

It's better to spend six months researching a specific area than pumping all of your savings impulsively into a new enterprise that can't work. If you're completely at a loss for an idea but determined to start your own business, have a look at the list of goods that you could manufacture on the www.seda.org.za page.

Directors | Copyright © Sanlam - Terms of use
Sanlam Life Insurance Limited is a licensed financial services provider.