I recently asked a very successful entrepreneur friend of mine about his best business ideas. He had a lot of information to share on how to make sure the business he’s starting is successful. The following are 3 tips that he shared with me.

1) Market niches. If you think the market is saturated with the particular type of business you want to run, consider a niche market. For example, if you’ve always wanted to start your own bakery but live in an area with several options, try opening an organic bakery. You can focus on providing healthy, chemical-free alternatives to the other sugary-sweet processed foods on offer. You may not have as many customers as the other bakeries, but yours will be more loyal and willing to pay a little more.

2) Learn from the mistakes of others. When a business closes in one area, others are likely to be wary of opening a similar business. Obviously, the area could not support that particular company. Or could it? Often it is not the type of business that fails, but the way it is run. Pay attention to the circumstances of the closure of the missing business and learn from their mistakes.

3) Be flexible. Of course you have the business of your dreams all planned out in your head. Once you have a clear vision of what you’re trying to achieve, it can be hard to let go and realize that certain aspects might not work. Remember, your bottom line is all about making money. Having fun on the road is simply a bonus.