There’s nothing wrong with basing your business on an existing idea, yet many people welcome the challenge of coming up with a completely new business idea. Sound knowledge of your market is key and all business ideas should be tested thoroughly before launch. Crucially, you need to find ways to set yourself apart from your competitors.
“Don’t reveal your costs to buyers. If they insist, add 30 per cent. Then you have room for negotiation. Buyers will try to pin you right back on price”