So, you want to start a business? Many people have the desire to start a business and budding entrepreneurs need to figure out exactly the best business ideas to proceed with. Don’t worry. In this article, we’ll tell you how to get the optimum business ideas tailor-made for you. Here goes!
Look at your passion.
It sounds like a cliche and has been suggested in many a self-help book but it’s true! First, write down all the things you are passionate about. Since starting a business is so difficult it’s important to know what you are passionate about.
Do not make the mistake of starting a business just because you think it will make you lots of money. Yes, the money-making potential is important but do not underestimate the considerable amount of time and effort it will take to get things off the ground.
If you are not passionate about your new business idea you could simply burn out and lose interest before the venture gets near to take-off. So, find something you will not get bored with easily and work out a strategy to turn that into a money-making empire instead.
Consider your strengths.
Next, write down all your strengths and skills. When starting out and deciding what business to move into ensure you consider your strengths. Make sure that the skillset of your new venture aligns closely with those strengths.
If you feel you have very few or no skills, think carefully, most people have at least one or two things they are very good at.
You will also need to be honest with yourself about your weaknesses. For example, every company will need to make sales. If you know from the outset you do not have the skills to sell, you will need to find a way to either learn those skills or get someone involved in the business that can.
If you are not comfortable with that idea maybe you need to revisit your passions again and look at those that align more closely with your strengths.
Gaps in the Market.
Once you have listed and evaluated your passions and looked at your strengths and weaknesses, your list should guide you as to the business sector you may want to move into.
For example, you have coding as a skillset and cooking is your passion. An online cooking platform may be a good starting point.
If you are passionate about animals and have organisation and patience as a skillset, you could consider a dog walking business. The key here is to find a combination that is tailored to you and your interests.
The next thing to consider is the market. Is the market over-saturated with providers? Or is there a gap in the market for something you could offer?
If the market is over-saturated you may have to consider doing something else. Don’t make the mistake of thinking you can easily grab market share from an over-saturated and established market.
Be careful here, if the market is not saturated it doesn’t necessarily mean you can enter that market and sell easily. Do not underestimate the competition. Any established market will be difficult or impossible for new entrants to enter successfully.
Thinking about your market will define exactly what service or product you can provide in that market to maximise sales in that sector. Aim to provide services or products that minimise or disrupt competition.
You should aim to test the market via market research or better still test the market by offering your services to real customers to see if your project is viable. If the feedback from real customers is positive you could be on to a winner.
Final thoughts.
It’s OK to have no idea as to the exact business you want to go into. Just keep an open mind and first look at your passion, then your strengths and finally your market. Evaluating just these three things will give you the answer you have been looking for. You may be pleasantly surprised with the answer you find.
Good luck!
Business Zero To Superhero
If you’re looking for a refreshingly honest book that deals with the ugly pitfalls of entrepreneurship, then this one is for you.
The author, Graham Jules LL.B (Hons) is a Business Law graduate and British entrepreneur. His legal experience helped him win a trade mark dispute for this very book against major entertainment company Marvel and DC Comics Entertainment Inc. The company opposed the book title BUSINESS ZERO TO SUPERHERO, due to their trade mark SUPERHEROES. Following a three-year battle, Graham’s subsequent victory was reported in the national media and news, including the BBC and Sky.
Graham’s story proves that following his methods can aid success in business even against seemingly impossible odds. David can win over Goliath.
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