How to decide on a business idea
Do you have this dream to start your own business and be free to creatively outwork your strengths?
It can be easy to dream about working from a Pinterest pretty office while you make lots and lots of money, but what if you just don't know what your business should be?
What do I need to do?
You don't just want to make and sell something you like but something profitable. You might think you can make the worlds greatest hair scrunchie but do you know how to sew, have a sewing machine or even like hair accessories? It could be more costly and tiresome than you think. Below are 5 questions to ask yourself that will help you head in the right direction when choosing a business idea.
With all the possibilities it can feel a little overwhelming so carve out about 15 mins in your day to think about these questions. Feel free to do it on a walk or over a cuppa with a friend.
Here’s how to do it:
What are some things that you do that you enjoy doing? This can be an activity you enjoy at your current job or a skill you just have a knack for. Some examples are planning, managing, delegating, giving advice, teaching, training, communication, networking, speaking, negotiating, good with numbers, organising
What do you not like? This might seem like a negative question but if you plan on being your own boss and need to motivate yourself to work every day you don't want to quit because you chose a business that involved an element that you just did not gel with. Examples of this could be that if you don't like spending all your time managing a website, your business won't sell online or have an online subscription option. If you don't like public speaking, you probably won't want to be a motivational speaker.
What are some skills you've developed? This is different from the first question as it is something you weren't born with. You've most likely been taught, practised and developed over time. This will come in handy when developing a product or when you decide to market your service. Examples could be a musical instrument, art, craft, writing, athletics, sport, engineering, IT, photography, knowledge of science or history, speaking a certain language
What is a problem you can solve by attributing these skills and knacks? Every business has a solution to a problem. It's the "why" of the business. If you do not have a problem to solve then what makes your business relevant or necessary in the current market? People will not want to purchase your product simply because it is cheap and you made it. In a business saturated world, you want to stand out and have customers or clients choose you above anyone else in your market.
Is it what your customer needs? Before you click publish on your awesome new website ask your potential customers/clients if they need this product or service. You will find, if you are solving a problem for your customer then they most likely will purchase your product or book your service. If it is what your market needs then go ahead and calculate the costs and set a price for your product or service. Ask some potential customers what they would pay and compare it to your calculations. If you realise the cost out ways the income then you may want to try to lower your costs somewhere or find another idea.
If you would like more info about finding a business idea contact me.