A new idea is often the basis for starting up a business. Many entrepreneurs spot a gap in the market and start businesses that provide a product or service that fills it. Others come up with ways to improve an existing product.

Coming up with a new idea

If you want to start a business but don't yet have an idea to work with, there are many ways to go about identifying one. The following questions may help:

• Do you have any particular skills that could form the basis of a new business?
• Are you aware of a gap in the market in the industry that you currently work in?
• Do you have a hobby that could be turned into a business?
• Has there ever been a time when you needed a particular service or product that nobody else provides? If you needed it, there is a good chance that other people will too.

Developing your idea

Once you have got a business idea, take time to refine it. This will help you to decide whether it could be the foundation of a successful business.

There are various established methods of developing a business idea. You can:

• conduct market research to discover whether your idea fills a gap in the market
• brainstorm your idea with friends, colleagues or staff - they can give different perspectives on the idea and may know if anyone else is doing the same thing
• think about whether your idea can take advantage of an opportunity created by new technologies, eg by trading online
• consider whether social trends will affect demand for your product, eg the increasing demand for organic food or concerns about global warming and carbon footprints

Developing new products and services

There's a lot at stake when you are developing a new product or service. To minimise risks and allocate investment and resources wisely, you should consider a number of factors, including customer needs and design, whilst also clearly defining your plans.