How To Choose Your Winning Business Idea

  • Added:
    May 11, 2013
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How To Choose Your Winning Business Idea Photo by Shiang Wong

Running your own business can be very satisfying. There is a real accomplishment in being your own boss and feeling as though you are in charge of your own destiny. Whether you are a seasoned entrepreneur looking for a new opportunity, a stay at home mom looking for extra income, or you want to leave your day job behind to pursue your own course, finding good business ideas can be life changing. Here are some straightforward steps you can follow to stepping onto the business path.

How To Generate Business Ideas
Thinking of business ideas can seem overwhelming at first. Your first step should be to come up with a few good ideas that you can choose from. Here are some tips:

• Think about every day problems you could solve. Many good business ideas spring from offering solutions to everyday problems.
• Is there a market you can improve on? Can you think of a product or service you've used and thought “this would be so much better if ..”. Maybe you can re-invent something to be cheaper or more convenient.• Listen to what people are saying – on the street, in the papers, in social media. What problems are there? What are they saying they would like a solution to?• Have fun with it. If you get into the mindset of needing to find the perfect idea right off the bat, you'll block your own creative process. You'll come up with some terrible ideas, but you'll come up with some brilliant ones, too.• Let yourself be inspired. Read about successful entrepreneurs and learn from their experiences.

Choosing The Best Idea For You

Hopefully by now you'll have a few business ideas to choose from. In order to choose the best one for you, there are some questions you can ask yourself.

• What do I love? What gives me a sense of satisfaction. Running your own business takes dedication. If you base your business around something you feel a passion for, you will have much more drive to make it succeed.• What skills do I have? Whether you are a born problem solver, a wonderful baker, or a great organizer, you have skills. It's important to choose a business that plays to your strengths.• What financial backing do I have? It's a good idea at this stage to look carefully at your finances. What can you afford to invest into your business? Research what funding may be available to you. Different businesses incur different costs, so be careful to choose one that you know you can afford to invest in.• Is there a market for this? Have a look at which businesses are doing well. What do people pay money for? Think about whether any particular types of business tend to do well in your locality. Be prepared to talk to people and conduct market research to find out if there will be a demand for your business.• What business model is right for me? Think about whether you would be best suited to a business with a physical premises such as a shop, or an online business with more flexible hours. Do you plan to work entirely alone, or would you be looking to employ someone? Consider whether you would rather buy into an existing business either as a partner or by joining a franchise, or whether you would prefer to start a unique business.

If you take your time considering different business ideas and weighing up them up against your skills and the things you are passionate about, you will be well on your way to choosing your winning business idea.

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