Choosing the right business is a question you will face early on in the entrepreneurial journey, with serial entrepreneurs like Joseph Lizyness and Henri Benezra saying that they ask this question to their board members every quarter. Many of these board members turn to resources like TRUiC to get their ideas.
Let’s start here – what you need to know:
Choosing a business to start, can appear to be overwhelming, especially if you have a lot of ideas, but cannot decide on what you want to end up doing. Even if you are yet to decide what type of business you would like to start, you have to consider a number of things in your decision making process. Online businesses are becoming increasingly popular and easy to start, and the demand from American consumers is impossible to ignore. We have in this digital era an opportunity to follow our passions and create a business which will make us both wealthy and happy. Of course there are several factors that go into deciding what business is the one for us. The most significant of them will be looked at and discussed within this article.
Choose something that interests you!
If you choose a business, it’s paramount that you choose one that will satisfy you. The more you put into a business, the more you will get out of it. And you are far more likely to give your all to something you feel passionate about and have a real interest in. If you are not sure what type of business might ignite that passion in you, why not check out this link from Truic to help you gain some inspiration. Choosing a business
Test your ideas
Before jumping in, make sure you’ve done your due diligence. Ask yourself: Is there enough demand for the product or service in your market? Can you afford the startup costs? How will you stand out from competitors? If you decide to start a business which has lots of competition, don’t be discouraged. You can find a small ‘niche’ within that field which will help people come to you. For example if you are a graphic designer and love sport. Why not choose that as your niche?
No matter what business idea you decide to pursue, it’s smart to write a business plan that details your goals and how you plan to achieve them. A business plan forces you to examine the validity of your business idea, giving you a better shot at success. Plan for the potential downfalls as well so you can have all bases covered.
Consider your lifestyle?
To give one example, you may have considered starting your own real estate business, but the demands of this type of business might not be very ideal if you have a young family. Typically, a real estate agent works all day and into the evening. You may not want to be away for so much of the day. Another thing to consider is, are you starting a business that will follow the conventional 9 to 5 model or are you starting a business where you would have to work weekends or in the evenings? Are you more extroverted or introverted? Do you want the peace of being at your own office or do you want to have communication with people on a daily basis? All very important things to consider.
Consider how much money you are willing to invest?
Some business ideas like graphic design only require the purchase of software and a few other addons. If you have already worked in this profession you are likely to have most of the things required, so financially this is a huge plus. However if you are concerned about finances and are considering investing in a business that requires some investment, really think long and hard about the decision you will end up making. It is not a good idea to do shortcuts in business, so please consider this when investing in your business. If you decided to open a photography business you need a high quality camera. If not your business will never get off the ground.
Think of a product that is on demand but not provided
This one consideration can really make your business shine! For example if there is not a bakery in your local area and someone started one, logic probably dictates that place would be pretty busy in no time at all. Research your community for the best ideas, or maybe you have been in need of a product or service but cannot get it easily. If you have been in that position, isn’t it likely that someone else has been too? Choosing a business that offers a unique service or product will likely ensure your status in the market, assuming no competition moves in. Make sure that there is a big enough need for this service or product to keep your business profitable.