You've heard the saying: "If it ain't broke don't fix it"? When it comes to starting up a business you're better off doing research and discovering what other businesses are successfully providing customers. And creating a solid business. Before taking on the expensive, time consuming work of creating a new one, or revamping the old.

Here's two important reasons why:

1. Starting up a business comes with enough responsibilities...

Plenty enough, without adding the cumbersome jobs and expense of product development and manufacturing. Meanwhile, it can take years to perfect your new product, while still trying to sell it. Not to mention the time consuming process of trademarking the new, or improved, version. By the time you're done, someone -- with more money and time -- might come along and beat you to it. Or it's obsolete.

Unfortunately, many first time start ups are based on a business idea for which the individual has done little, or no, research to determine customer need, or want. Or they start with an undeveloped or partially developed idea or product. Thinking once the biz is up and running they'll work out the bugs.

While it's never smart to start up a business without good planning, it's financial suicide in today's unique economy. So if you've made up your mind to develop a new business, product or service, you'd better have a solid business plan. And the time and money to back it up. While Microsoft can afford to market and sell products or services before working out all the bugs, most small start-ups can't.

2. If you're looking for start-up funding...

With a loan, grant or investors - Most prefer individuals, or companies, who've done serious research - proving the solid need for their new or improved product or service.

Unlike banks, angel investors and venture capitalists are looking for individuals or small companies with great ideas. Which will quickly take off and succeed. And they expect any formally presented idea to be thoroughly researched. Right down to the last detail: Who's your product market and how will yours fill their need.

Several years ago, developer Andy Stack was making a presentation to a small group of potential investors for his new software "Abuzz". After asking several questions, about Andy's marketing focus, one investor began attacking his strategy. The meeting "quickly turned sour", Andy says.

It's important to understand, Andy says, "Angel Investors" (and often venture capitalists)"are idiosyncratic. Rather than dealing with institutions" he says, "you're dealing with individuals--and their whims". In short, they decide how much research is enough; whether your product, marketing or biz plan will work. And they can make these decisions because they're providing the funding.

The question is...

While Andy eventually obtained the funding he needed elsewhere, do you have the time and enough of your own cash, to continue developing your product and/or to produce it - until you finally obtain funding? Second, is it worth it? Could you have started a biz with another similar product, quickly marketed and profited from it. Providing your own funding and a customer base from which to develop and grow your original new product.

While research can be time consuming, it's best to do as much of your own as possible. Do it and you'll likely see the competition hasn't wasted thousands, nor valuable time, building a better mousetrap. But taken a solid product and added services and related products to it. Which, along with some creative marketing, has set them apart.

On the other hand, do some research and you may discover an uncovered or under-served niche, related to the original business you wanted to start. Or, you create a new twist to an old product or service, costing little. Here's a brief case history of a couple who started up what could be called an average business. And turned it into a profitable niche, with a twist.

The Dandy Dog Wash and Celebration Center

Ready to retire, Bob and Pat decided a doggie wash business was perfect for them. It required little start-up cash. And, as dog-lovers, was a business they'd enjoy working at and running. Plus it allowed for expansion.

The first year and a half they marketed and promoted their simple dog wash. With a solid customer base, in year 2 and 3 they began offering dog care products, clothing, gifts and cards. The fourth they began hosting doggie parties and celebrations -- which quickly set them apart from the other dog washes. This was a new, profitable twist to an established business.

Ask any successful business person, or online guru...

Most will tell you they took an established business idea and made it their own by adding a creative twist, additional products or services, appealing to a different customer base, for example. As those businesses became profitable they began creating, developing and producing their own new products and services. Because - now - they could afford the time and money.

Bottom line:

Start out with success in view -- not the thought of slogging through the first five years struggling to make ends meet -- trying to complete the design or manufacture of your new product. Unless, of course, you have the funding. Remember, once you create your first profitable business, you should then have the money, time and experience to take your original new business idea and properly develop and market it.

Jean L. Serio, the Women's Biz Start-up Expert. Copyright 2007. If you're one of the 1.2 million women tired of the 9-5 grind, sick of worrying about making ends meet, starting your own business still remains one of the best strategies for providing you financial freedom. Discover how to start your own business today with your own simple, step-by-step Action Plan plus tons of valuable free resources. To ensure you receive the details, sign up for your free "Women Start Up a Business" Ezine. And receive your Bonus Report "5 Mistakes Women Make Starting Up a Business" Go to: http://www.womensmarketingandbusinessnetwork.com