If you’re reading this article right now, you’ve almost certainly asked yourself the above question at some point, perhaps several times. It’s a commonly posed question, and it’s quite obvious why so many people have to ask it.
There are numerous business ideas out there that you can choose from. We have discussed a lot of them here.
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But you don’t want to choose one of them, run with it, and wind up failing at that venture in the end. You want to be sure that whatever you decide to do is something that will thrive.
But how do you know what business you should start?
The good news is, there are several ways to tell if you’re likely to do well at any given venture. You can evaluate your chances by asking yourself these questions about the venture you’d like to start.
Questions to Ask About Any Potential Business Idea
- Will it solve a problem that’s bothering people? Your products and services are solutions. If they don’t solve real existing problems for anyone, or if they do so inadequately, not many people would want o buy them.
- Whose problem will it be solving? Do you know them well enough to be able to sell effectively to them?
- Can you afford/raise the capital required? Do you have (or can you raise) enough money and other resources to start-up and sustain your business until it can survive on its own revenues?
- Do you (or any of your would-be working partners) have the skills to run the business successfully?
- Can you find or afford to rent a proper location, equipment, and other things you’ll need at the specific business you’re going to open?
- Can you make money from it? Your customers should be willing to pay for the products (solutions) you’re offering them.
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How to Come Up With a Business Idea that Works for You
Here are some ways you could come up with a business that works for you.
- Find a problem you can solve and get paid for solving it.
- Copy or introduce an idea or product from another city, state, or country that people would be interested in.
- Use your skills to solve problems in a different sector from the one you have been working in.
- Introduce innovation in an industry that doesn’t have much of it.
- Improve the quality of an existing product and sell your version as a new brand.
- Find out what customers of a product think is wrong with the products they are using, and create a product that solves these problems.
- Come up with a cheaper version of an existing product.
- Combine different stages of a value chain, e.g. offer both ghostwriting and publishing services.
- Research the industry you’re working in or are interested in, and find out what the trends are and what people could be buying next. Start offering those things now.
- Provide a service that you have found to be scarce.
- Tackle your dissatisfaction with the status quo by coming up with solutions and selling them as products or services.
You don’t have to go with just any business idea out there. The points in this article can serve as a guide for you to select the best business idea that works for you.
Featured Image Source: Innovation Village
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