Have you been hitting your head against the wall thinking of the best business ideas to venture into? Are you one of those willing to start a business but have no clue on which to decide on?
So many people want to start their own business but have not because they simply cannot decide on which business fits them.
What hurts a lot of to-be entrepreneurs is that a lot of business ideas run through their mind daily and this makes it harder to decide on which business to start.
What business do you dream of starting if money were no obstacle? A boutique business, poultry, fish farm or e-commerce store?
Finance may be one obstacle in deciding which business to start. But, beyond finance, there are many important factors to consider when choosing a business for yourself.
Factors to Help You Generate Business Ideas to Start
Before I show you what can help you decide on the business idea that fits or suits you, here are some factors you will need to consider before concluding on any business venture ;
- Available Skill and Experience
What resources do you have available to you? Do you have the needed skills or experience and technical know-how?
- The Return on Investment (ROI)
What is the return on investment on the business? And how long will it take to break even in the business ?
- Risk Factor
How much risk are you willing to put on the line to make a profit?
If you are planning on starting a business, it has to be a business that you are passionate about or you are willing to put your all into it.
How much time are you willing to spend working on the business?
These are the factors you will need to consider before deciding on any business ideas that fits you.
So, let me guide you on how to decide on the right business to start for yourself.
- Conduct a Research on the Business
This should be your first homework. Before I decided to start Weebo Media (my freelance content creation agency), I did so many research on freelance writing and the future of the business niche.
I wanted to make sure I wasn’t starting a business that will only last for some time and fade away. I did my research to find out if people were already making money from the business and how much they were making. I did another research to see if Nigerians were also making money from the business too and I found so many.
Those results gave me confident that if people were making money already from freelance writing and freelance writing is not a seasonal business, then it is something I can start and build to any figure I so desire.
Let me be frank with you. Doing your homework will surely take some time, but it is necessary if you are serious about finding a business that will ensure you are able to make money and achieve success with it.
Go online, read about the business that you are having interest on. Evaluate it. Talk to a friend, mentor, parents about it.
Is it a business that would involve you moving around? Do you love moving around?
Is it a business that will involve your full attention or a business that can be systemize so you get free time to do other things?
How long will you have to wait before you start making money? 6 months, a year? Can you wait that long?
The reason I first started with freelance writing and not blogging or other online business was because freelance writing is a business that you won’t need to wait too long before you get your first gig as far as you are promoting yourself to the right people.
So, whatever business you are having in mind, go do your research on the business and ask yourself those questions I asked above.
You may not like to hear this but I will share it with you; if you found out that a particular business you would have loved to start do not have good result, I mean, what you discovered wasn’t what you were expecting of the business. I beg you, drop the business idea.
I know it is very frustrating to just drop a business idea that you have dreamed about and seen yourself already in it.
No matter your love for that business idea, please drop it!
- Check Yourself
Do you have what it takes to start a blog, freelance writing business, ecommerce, baking, tailoring, hairdressing, barbing salon, soap making or poultry business?
What really do you know about the business you intend to start ?
If a business involves you talking to people to make them buy your products or service, will you start it?
If a business involves you calling people to convince them, will you still want to start that business?
What if a business needs you to have employees as a must to be able to run it effectively to make money, will you still want to start it?
You see why I said you should check yourself and lifestyle?
You should only decide to start a business that fits your passion and lifestyle.
Matching the business idea to your lifestyle can prevent low esteem and burnout. Make your decisions and business choice wisely.
You are the only one that can decide on the opportunity that is right for you.
- Test the Business Idea
A business idea may sound great in theory, but flop in practice. One way to find out if a business idea will thrive is to try it out. You should do everything you can to see whether you and the business are a good match.
If it is a product business, try and let people know about the product and see if they will be interested. If a service, speak to potential clients to see if it is something they would be willing to pay for.
More than anything, this will give you an indication if the business is for you or not. It will be easier to quit at the early stage than going too deep that you start regretting your time spent moving the business.
Does this make sense to you? Would you like to give it a try? If I were you, I will bookmark this post, do the test and later come and check if I am on the right track towards choosing the right business for me.
I will like to hear your thought via the comment box and will be glad if you also share it with your friends.
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