After all, although getting your company started is an exciting experience, choosing the right business idea is easier said than done. For many would-be entrepreneurs, finding an idea that will play to their skills, interests and financial goals is a challenge. Chapter 2 — Choosing the right idea to build on.
This article takes you through the step by step process which, in the course of time, will lead you to settle on the specific business idea perfect for you based on the consulting market needs.
Identify What Inspires You and What You Enjoy
Launching a new enterprise is not a joke – it requires a lot of work and commitment – so it is best to discover something that you enjoy and are genuinely interested in. Ask yourself:
✔ What hobbies or activities do I enjoy doing?
✔ What’s something I care enough about to read or study it?
✔ What are the problems that I enjoy solving?
If you enjoy cooking, for example, you might have a brainstorm that leads to a food business: catering, a food blog, a home bakery. If you are in the Hardware/Software category stream, for instance, you can target a tech start-up, app, or IT services stream.
Why Passion Matters?
It keeps you motivated for when things get tough.
It’s easier to be in business.
This is the field in which you will want to observe yourself and hone your skill.
Find out your strength & skills
Yet your business should be based on what you can do well and what you know how to do. Think about what comes naturally to you, and what skills you’ve cultivated over the years.
Questions to Ask Yourself:
✔ What skills or information do I already have?
✔ Am I qualified in an area of knowledge or skill?
✔ What do friends or family think others are good at, or good at doing, at work?
If you are an exceptional writer, then you can consider launching a content writing agency; a blog; or a publication. A business in e-commerce, marketing or consulting would be a no-brainer if you already got an expertise in sales.
Tip: You need not to know much in the beginning. Entrepreneurs must learn on the fly.
Evaluate Market Demand
It doesn’t matter how much you love something, if the market does not need it, you simply won’t be profitable. Do You Market Research — Check if the people are going to pay for your product/service
How to Check Market Demand?
✔ Google Trends – Validate whether your idea is “hot” or “not.”
✔ Keyword Research – Test search volume with Ubersuggest, Ahrefs, etc.
✔ Social Media. Forums – What are people arguing, debates, and seem questions being asked.
✔ Competitors analysis – Know other businesses similar to yours and their success rate.
For example, if you are thinking of starting a handmade jewelry business, research if people are buying handmade jewelry online and whether competitors are making sales.
Tip: It’s a good sign if the industry contains many successful businesses; It also means there’s lots of demand, but you’ll have to find your niche.
Every Story Needs a Strong Budget and Resources
Some businesses will require more capital, equipment or expertise than others. Before settling on a business idea, think about how much you can afford and what resources you have.
Low-Cost Business Ideas:
Freelance copywriting or visual design
Social media management
Print-on-demand business
Online coaching or consulting
High-Cost Business Ideas:
Opening a restaurant or café
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Real estate investing
If you have less capital then start with a low-cost business and reinvest the profit earn, and grow over years.
Analyze the Competition
Every business will have rivals so, understanding who your rivals are and what they are offering will be key.
How to Research Competitors?
✔ Look for other companies offering similar products or services.
✔ Look at their pricing, client reviews and the way they present themselves.
✔ Watch for gaps or weaknesses in their business and offer ways you can improve it.
If you’re selling online, be sure to see what other stores are selling and what they’re doing to promote their products. Are they famous for their slow shipping times or their terrible customer service?
Tip: Don’t follow your competition — differentiate your business with a USP that makes it different.
Test Your Business Idea
Test your idea in the market before committing fully to a business. One path that many successful entrepreneurs take is to start small and iterate on the idea as you grow.
Ways to Test Your Idea:
✔ Validate demand by selling a few products or services.
✔ Create a landing or social media page and see if people will engage.
✔ Test and get feedback with a sample.
✔ Talk to potential customers, and ask if they would pay for your product.
For example, if you want to start a bakery, you might sell your baked goods at a local market or online before opening a full store.
Choose a Business Model
Your business model is how you plan to generate revenue for your business. A lot of business ideas can generate multiple streams of income.
Common Business Models:
✔ E-commerce: This was the sales of either physical or digital goods on the Internet.
✔ Service Based: according to your skills helps as a consultant, marketing agency or tutor.
✔ Subscription Model- Monthly or yearly charge from customer.
✔ Making Money: MonetizationStrategies All Platforms + The 10 Best Ways To Earn
✔ Advertising & Sponsorships: Monetizing blogs, YouTube, or social media
A model which matches your expertise and abilities.
Consider Work-Life Balance and Long-Term Potential
Many of them demand long hours and hard work; others can be more forgiving. Your lifestyle preferences should come into play when choosing a business.
Questions to Ask:
✔ What do I want to do full-time or part-time?
✔ Does it help me feel at ease with business employees or do I prefer to work alone?
✔ Is this a scalable business going forward?
So, for instance, you have a brick-and-mortar shop, you got to be there.
Take Action and Start
Editing, refining, deliberating, and reworking things — many people will spend what can seem like an eternity overthinking their business concept. That means the only way to see if an idea works, is doing it, and doing it small.
Steps to Get Started:
To make sure your business is covered, do the following: ✔ Register your business (if applicable).
✔ Create a simple business plan.
✔ Set up online business presence (Website, social media channels).
✔ Get started selling your product or service
✔ Solicit feedback, and iterate on improvements.
The important step is to get started — even if not everything is in place.
Final Thoughts: Choose the Correct Business Idea to Meet Your Requirements
The person who selects any business idea should have a consideration for your Interest, skills, market need and resources. There’s no perfect business idea — but you’ll find one to stick with when you follow these steps.
Key Takeaways:
✔ Pick a business that you’re passionate about and that suits your skills.
✔ The market and competition research.
✔ Start small and validate before you go to extremes.
✔ Choose a business model that aligns with your lifestyle and budget.
Get started and learn as you go.
That’s just juda and a tradition of doing a company, and the most effective approach is delivering learning and iterations.
💡 Are you ready to start your business? Tell us and share your thoughts below! 🚀
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