An Entrepreneur’s Guide from Yahoo 3/13 enhanced by Peter/CXO Wiz4.biz
A. Looking for Opportunities.
There are so many fabulous money-making opportunities out there that it can be hard to choose the right one for you. Or maybe you’re faced with the opposite dilemma; you want to start you own business, but you don’t have a clue about what to do. Here are 4 tips to help you to find the perfect business idea for you.
1. Research. Look through the business section of your library or local bookstore for books that have business ideas. There are many magazines that list business ideas, success stories, how-to information and resources.
2. Record your Thoughts. Carry a notepad with you at all times. Jot down any ideas that come to mind or those you see on TV, or hear on the radio or in conversation with other people (ie, Entrepreneurs)
3. Research local Opportunities first by reading different media for new trends or unmet needs within your community and beyond.
4. Give an old Idea a new Spin. Is there an old, solid business idea that you can breathe some life into and turn into a profitable business? Think of the recent surge in mobile service businesses; such as mobile dog groomers, hairdressers & massage therapists. All these mobile businesses did was took an existing business and helped it to better meet the needs of today’s time pressed society. Can you do the same?
B. Picking your Business.
By now you should have a list of several business ideas that sound exciting. You need to start narrowing down your list and you can do this by checking if each business idea meets each of the following criteria:
1. A Market must exist for the business you want to open. No matter how wonderful your product or service is, you won’t make any money if there is no need for that product or service. There has to be an existing need first.
2. You can afford to start the business. It’s no use looking at business ideas that will require more capital than you have or are able to raise.
3. You have enough Time to invest to get this business off the ground. Some businesses are more labor intensive than others, so choose one that fits in with your other commitments, such as your family.
4. You have the Expertise to run the business or can easily acquire it. Whilst it’s very possible to successfully run a business that you know nothing about, it makes things much easier if you are familiar with the type of business you want to start. At the very least you must be able to easily learn what you need to know in order to succeed.
C. Planning: Step-by-Step
Only once your business idea has passed all 4 criteria should you even give it further consideration. Taking the time to carefully consider all aspects of a business idea is only the beginning, but it’s a vitally important step. Draft a Business Plan.
Jumping headlong into a business without properly considering all angles will only lead to failure and disappointment down the road.
Comments: Is there anything you could add to this?