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Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.

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How to devise a great business concept

| Apr 14, 2016 | Entrepreneurs

While it’s true that all great businesses start with an idea, coming up with a workable concept can prove difficult for many Manhattan entrepreneurs. Fortunately, there are a few methods one can utilize to drum up a good idea that just might evolve into a highly successful business.

Entrepreneur suggests keeping an eye on niche markets in order to identify any potential opportunities. Niche markets can encompass a world of topics and interests, from diet and exercise to gaming and gadgets. Major corporations often overlook these smaller markets, which affords small business owners a great opportunity to provide a good or service the public has a strong desire for.

Quizzing consumers about their wants and needs is another useful method for getting the creative juices flowing. Consumers typically have strong opinions about existing products and methods of improving them. As a result, they provide an invaluable resource to entrepreneurs suffering from a dearth of quality ideas. Customer opinions can be sought online in the form of surveys, or business owners can take to stores and retailers already catering to their specific industry.

Once an entrepreneur has pinned down an idea that offers the best possible chance of success, they’ll then need to turn that idea into a lucrative business. Forbes recommends starting by creating a written statement to arrange ideas in a meaningful way. A business owner must be able to communicate effectively with associates as well as consumers, which can be difficult when numerous ideas are in play. Accordingly, a written statement is ideal for arranging thoughts in a logical manner and can also help home in on those key points requiring the greatest attention. 

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