Wed 11 Feb 2009
Choosing Your Business
There are many reasons why people become entrepreneurs. Some are born with the desire to create and grow their own business; some start a small business because they don't have too many alternatives.
Whatever your reasons for starting out the entrepreneur lifestyle, it's likely that you have a problem shared by many of your peers: where to start?
Choosing a business idea is not as easy as it might first appear; after all, the idea is to grow a SUCCESSFUL business, not just some side project.
Here are a few steps to go through that can help you hit on the right business for you.
- Select the industry. There are dozens of different options here, so make this your most important criteria. If you're no good with your hands or can't put a paragraph together to save your life, then there are certain types of industries that just won't work for you. For the rest, find an industry that can show off your skill set.
- Research. Once you've found an industry, take a look at businesses within that industry. What do they do, how do they do it, and what kind of models do they follow?
- Market research. More research, this time with a look at your audience. Where are the businesses in your industry leaving a gap that you can fill?
- Analyze the competition. Similar to market research, but this time take a direct look at what those who will compete in your niche are doing and how you can offer a better service.
- Write a business plan. Plain and simple, create a well written business plan to keep your goals organized.
- Determine funding needs. If you need to, this is the stage where you want to look for people who will lend you the money or invest in your business idea.
Performing all the steps needed to come up with a viable business means that you have to prepare for a lot of work.
It will take time and sometimes money, but it's necessary if you want to succeed in your endeavours.