When it comes to launching a business idea and starting a business, getting it off the ground can be tricky. It takes a lot of hard work and determination to turn an innovative idea into a successful business and there are some big decisions you have to make in this process.
Here is how you can make sure you choose the right business for you.
Follow Your Passion
Although it may sound like a cliche, whatever your potential business idea may be, you need to ensure that you are passionate about it. If you are just in it for the money, then chances are that you’re not going to have the drive required to sustain the business throughout its early days.
Following your passion means that you’re more likely to put in the time and effort required to get results because you genuinely believe in the vision of the venture. The best business for you is going to be the one that makes you excited and gets you out of bed in the morning. Only if it’s something you love, will you be motivated to change your lifestyle and work the long hours necessary to run a business.
For example, if you are passionate about fashion and want to start a styling business, even though it is a competitive and tough industry, you’re more likely to find success than if you opened a hairdressing salon despite having no interest in hairdressing. If you truly believe in what you’re doing, this sincerity will show to potential clients, customers, investors and collaborators.
Focus On Your Skills
As well as looking at what you love when considering what business is right for you, it is also important to consider your resume and what your past professional experience is because you can use this to your advantage.
For example, if you have years of experience working in digital marketing, starting your own marketing agency means that you could make use of your expertise, your understanding of the industry and your professional networks. This gives you a great head start and it may mean that if you need funding, people will be more likely to invest in you knowing that the experience that you already have minimises the business’s chance of failure.
Consider, as well, which of your skills or which of your past jobs might best translate into business ownership. Although you may not want to start a marketing agency, your prior experience may help you in setting up the business, in gaining your first customers and making contacts.
See If There Is A Gap In The Market
As important as it is to follow your passion and do something you love when it comes to starting a business, it is also crucial when thinking about the potential success and viability of your business idea to consider if there is a gap in the market and how much competition you might face.
If you’re planning on opening an Italian restaurant in an area full of other Italian restaurants, it’s unlikely you’re going to find a lot of success, especially straight away.
Finding a gap in the market is part of figuring out what will be the USP or Unique Selling Point of your business. You might do this by targeting a very specific demographic, who have a particular job, hobby, age, background or income bracket. If your business idea itself isn’t particularly unique, like a restaurant, you are far more likely to find success if you tailor your business to suit a certain customer such as vegan dessert bar.
For example, rather than just starting a regular vending machine business, a healthy vending machine business has a USP and something that sets it apart from its competitors. As well as this, if you’re interested in a particular field, such as fashion, IT, beauty or electronics, look at the industry and see what is missing or lacking. You could fill that gap with a completely new business idea.
Consider Your Lifestyle
How much do you currently like your lifestyle?
A work-life balance when starting a business can be very difficult to maintain and if you’re currently content with your work-life balance and you have a lot of commitments to juggle, then a business that requires 70 hours of your time may not be the best for you. A ‘moonlight’ business, that you can start in you ‘off’ hours may be a better fit. Similarly, if you hate being in an office and sitting down all day, starting a coding business where you’ll be working with computers all the time is probably not going to make you very happy.
Finding a business idea that will fit with your lifestyle will prevent you from becoming overworked and unmotivated.