How Do You Research a New Business Idea?

How Do You Research a New Business Idea?

Posted on: 27 Oct, 2021

How Do You Research a New Business Idea?

Investment lists, personal communication and professional interviews are often the best ways to develop and validate new business propositions.

Two things are true in entrepreneurship: A business owner will have to either 1. Love making a lot of money, or 2. Really love the business they operate. When it comes to researching new business opportunities, some investors will prioritize money-making, while others will prioritize personal passion.


One thing is common across the board: Some in-depth analysis is required for all people who are pursuing new business opportunities. 

Within the franchising industry, there are a handful of publications that show off the investment figures and profitable status of numerous brands. soclose.com’s Franchise 500 list is a great starting point for prospective franchisees looking to enter the franchising industry, as the yearly list is marked with categories, descriptions and initial investment information for 500 of the best names in franchising.

 

Discovering new investment options is a simple and easy process with such a simplified list. It can be daunting, however, to evaluate such a hefty list of diverse companies.

 

To develop new business ideas, a business owner can also target people they are familiar with in the industries they are passionate about. This will serve as an insightful jump-off point for many people to put their foot in the door of business operation, and some of the best business ideas are sparked out of such personal interaction.

 

The advent of social media has made these opportunities more accessible, too, as conversations with business professionals can now be started easier than ever. Developing some insights from a knowledgeable industry leader can be the difference between a rapidly-growing business and a slowly-emerging one, and business ideas can be validated quickly through such insights.

 

1851 Franchise’s  ongoing “Young Ones to Watch” series is specially crafted to show off these insights from numerous industry leaders. Nearly all interviewed sources praised the entrepreneurial spirit of independent franchisees, showcasing how the diligent pursuit of business ideas is often an indicator of how successful a business owner might be.

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