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Thursday, December 9, 2021

Business Idea, How to Determine the Right One for You

New and aspiring entrepreneurs, like yourself perhaps all have the same problem when starting out. The issue is having to narrow down the list of ideas for a business that you would like to launch. 

We all wish to start a business and when you have several ideas in mind that you know will be great it’s hard to decide which one to choose. This is an important decision, the first stepping stone to get the whole process started, a lot of time and money will be used, so you want to know you’re choosing the right idea that suits your lifestyle and goals for the future. 

At the end of the day, an aspiring business owner wants to be successful and know that the business they are creating will have the potential to grow and increase in value in the future. 

Creativity, planning, and soul-searching are required if you want a solid, successful business idea. 

Defining You 

By this we mean focus on your skills, experience, and passion, stick to what you know, or something that you can learn quickly. Not everyone’s an expert but leveraging the skills and experience you have will increase your chances of success. 

You need to have drive as this is a business that will consume your day-to-day life and you need to stick it out even when things get hard. 

Lifestyle vs Business

It’s important to have a balance between work and life, if you don’t want to be stuck in an office required to work 60-hour weeks then the business you wish to start needs to be able to adapt to your lifestyle and have the option of operating remotely. 

Test Run 

Doing your due diligence, having extensive knowledge and understanding of your business goals will help determine where you plan to grow within the industry. Ask yourself: the product or service you want to create is there enough demand for it in the market? Can you afford the costs of a start-up? And how are you planning on standing out from your competitors? 

No matter the business, it’s important to have a business plan and strategy that will detail the goals and how you plan to achieve them. When you have a plan for your business it will encourage you to ensure that the business idea is valid and will have the potential for success and growth.

Pros and Cons

As a business owner, there is a constant need to change and adjust your plans and ideas, ask yourself what are the things that put value to your ideas? And what are the things that add value to your business ideas? 

And with every business, there are negative factors that can impact your business ideas and the business as a whole. Evaluate and research what may bring down the value of your ideas and list any threats that can decrease the value overall. 

Having an insight into what works for your business idea, how much work you may need to put into the success of the idea, and most importantly what sets you apart from the rest in the current market today. 

Which idea will grab the attention of consumers to spend more money?

The goal for any business is to make a profit, and this won’t happen if people don’t spend money on purchasing your products or services.

When choosing your business idea, put yourself in the customer’s shoes and imagine which one of your ideas would you spend that 10,100, or maybe even 1000 dollars on. Bringing in family or friends will help give you an idea of what will be more successful and worth the money spent finding the right demographic, target audience is important. 

Lastly, if you had all your ideas in front of you, at the end of the day yes you want success, growth and to make a profit, but which idea would you rather work on? Which idea do you have the most passionate about and see yourself doing for fun and enjoyment and not feel like you’re doing a 9-5 job? 

Choosing the business idea that resonates with you is important and this alone will impact the success of your business, being passionate about something will get you through the hard times, will show in the team you have, your customers, and the added value in the future of your business. 

Starting a business can be exciting and terrifying at the same time, there will be a mixture of hard times and good, but at the end of the day if it’s something you’re passionate about everything will fall into place and success will start to show. Good things come from those who work hard and are willing to take every step along the way. 

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Paul Gardner
Paul Gardner - LinkedIn profile Paul Gardner is an expert Senior Valuer specialising in residential and commercial property valuations for a range of purposes. His expert knowledge in valuation services has led him to undertake services for the state government as well as large scale, complex industrial properties. Paul also has an extensive background in real estate and has taken part in contributing to curriculum structures of property related courses. Paul loves sharing his expertise and enjoys helping his clients with providing professional, independent property valuations.

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Business Upside eMagazine
Business Upside eMagazine
Business Upside eMagazine