What steps would you take to identify a new business idea outside your current business?

The steps taken to identify any new business should include:

·         Market research

·         Feasibility studies

·         Close examination of associated risks

·         Etc.

However, considering that this business would be in addition to an existing business, emphasis should be placed on additional items such as:

·         Can this business be “complementary” to my existing business? Such as a line of cold storage vehicles to a fruit wholesaler or a hotel purchasing a dry cleaning company to service its own usage in addition to outside clients

·         Can this business be “supplementary” to my existing business? This could be useful for a company to avoid risks in times of economic instability, such as an existing business specialising in luxury travels investing in a new business specialising in more affordable holiday packages