Many of us might be doing a job and would have got fed-up and wanted to start a new business. Some of you would have already started the business, but was not successful and finally would have closed it and lost money. This happens mainly by choosing a business that is not suitable for you. I would be sharing with you 5 simple steps on how to choose business ideas suitable for you.
Is planning necessary for business?
Many individuals would have started the business in a hurry and would have lost money. Some would continue to incur loss over a period of time hoping that it would turn to positive at a later point in time. Hence planning is necessary before you choose a business suitable for you.
5 simple steps on how to choose business ideas suitable for you
1) What are your goals and what you want to achieve?
You should know what your goals are and what you want to achieve by doing a business. The reason could be earning money, providing employment opportunities or gaining a brand image. Your goal would provide direction to your path. If your goal is to provide employment opportunities, you should choose less expensive products or services so that you can employ more people. If your goal is to gain a brand image, you need to put a lot of effort and money to gain the image in your location or country. I personally wanted to make money and decided it as my first goal and creating a brand as a second goal.
2) Choose your area of interest:
Entrepreneurs fail because they might be doing something in which they are not interested. They would have just thought of earning money and would have chosen the area. In the process, though they may make money in the initial stages of business, however, it would not last for a long time. Pick-up a business in the area you are interested in. A writer, who has written a murder story for a novel, has not really killed someone to write the book. You should be having an interest in the particular you are choosing and need not have experience.
When I wanted to do small business, I picked up a piece of paper and started writing my area of interests. I can’t believe that I could list down more than 40 ideas. It includes making money as a financial advisor, making money online, opening a restaurant, creating beautiful dolls and sell them through social networking sites like Facebook, opening an online Kirana store etc.,
3) Do research on your products or services which you want to offer
The list prepared by you about your area of interests could be big. However, you need to pick-up each item and start re-searching about the business idea. You can do a Google search on such business ideas. What is your product’s demand in the market, who is your supplier, what is the level of competition, how profitable your business etc?
When I started searching, I felt there is heavy competition in a majority of areas where I have an interest. When I read reviews about the business ideas I want to do, it required full-time attention. However, my aim was to do part-time and spend a few hours a day and make more money.
4) Shortlist your interests by eliminating a few of them
Shortlist your listed items by eliminating unnecessary or fewer interest items. Make fewer options to choose from. It can be based on the feasibility of business or competition or the investment involved etc. This means now you are able to pick up a few business ideas which suits your interest and where it is feasible and where you can afford to invest in such a business.
When I shortlisted 40+ business ideas that I wanted to do part-time, I came to 3-4 ideas. Some of them were making money as a financial advisor, making money through a blog, creating an online Kirana store, and working as a freelance writer (writing articles online).
Failed to choose, start again
If you have failed to choose from the shortlisted business ideas, start the process all over again. Throw all your ideas in the dust bin and restart your thinking process.
5) Finally choose a business idea that suits you
Finally, among the 3 to 5 business ideas you have shortlisted, pick-up one which you finally wanted to do.
From the 5 ideas, I have picked up a financial advisor and making money through a blog to start with. As a financial advisor and creator of a financial blog in India, I am able to full-fill my dream of making money online by working a few hours a day. The success has not come in a few months. I worked for almost 1 year with a detailed plan and spent sleepless nights and I am able to enjoy the fruits now. Someone asks me to present my business or how I achieved my success in this, I can talk or write non-stop for the next 5 hours.
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