When we are starting a new business in Canada, there are no clear recipes for a successful start but looking for windows opportunities definitely can increase our changes for success.
Astute observation is your best ally when looking for unique ideas. Start by assessing exactly what you do well. It’s a much safer bet to venture into familiar territory where you can use your existing strengths. For example, if you work in the pharmaceutical industry then you could branch out into health care.
Here are some helpful hints:
Do what you’re passionate about. Enthusiasm ignites the interest of lenders. Choose ideas that enable you to act now. You need to move swiftly before your idea fizzles.
Be specific about your business goals. For example, you want to reach this specific market with a specific product.
Look around you for windows of opportunity such as taking over a family business.
Start a business doing something that your existing company isn’t doing.
Keep your eye on the franchise market.
Read business publications and stay informed of growth areas. For example, the rapidly changing health sector, fueled by the explosion of biotechnology, provides endless business opportunities.
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