So, you’ve decided to start your own business? That’s great news! But have you actually decided what your business is going to offer?
While there are literally thousands of business ideas that you can tap into, deciding on the right one for you to get stuck into can be a bit of a challenge. To narrow it down, ask yourself the following questions.
Is it something that you are passionate about?
While you may have thought of an idea that could be a real money maker, make sure you consider whether the idea is actually something you are passionate about and can see yourself doing for many years to come.
Top salespeople can usually sell anything, but if you have the drive and passion for a product or service that you believe in, you will have a much easier time.
Will the product or service solve a problem and make life easier for people?
Looking for products that solve a problem and are an improvement on existing items can really take off. For example, halo hair extensions which take away the expense and time of other extensions, and wireless headphones remove the hassle of untangling wires.
While you might not be at inventor stage just yet, it’s possible to source items that you can sell in your town or city. One reason that people buy new things is that it solves a problem in their lives, so if you are able to help make people’s lives easier, you are already winning.
Does it fill a gap in the market?
In order to be successful, your idea needs to fill a gap in the market. There is no point opening up a florist shop when there are already 4 on the same street, or another accountants office when there a 20 in a town of 1,000 people.
You can draw on your own experiences – has there been a product or service that you wanted to take advantage of, but it wasn’t in your area? Also, ask your friends and family – is there anything they’ve noticed is missing?
How do people respond when you tell them about it?
One way to find out if your business idea has potential is to ask family and friends about it. Tell them what you are planning to do and notice their reaction. Do they sound generally interested and excited for you? Or do they screw up their face and tell you that it might be best to reconsider? If the general consensus is the latter rather than the former, that’s a good sign that you should be looking for a new idea.
Can you afford to get the business off the ground?
Making sure that you are able to set up your business financially is key before you do anything. Do you need to rent office space? A shop front? Build a website? Purchase stock? And do you have enough in your savings to tide you over until you start making a profit?
There are many business ideas with potential, so choosing one can be quite a challenge. However, with some careful thought and consideration, you’ll be able to find one to get your teeth stuck into.