There’s no escaping the fact that every successful business ultimately begins with a good business idea. With so many options available to everyone these days, the possibilities are endless. So, how do you identify a good business idea? More importantly how do you know which is the best business idea for you personally?
Many people believe that the ability to make lots of money is the most important factor of any business. And whilst making money IS a critical element, it’s not the only thing to take into account when choosing which business idea is right for you.
Starting a business solely because of the earning potential is not always sustainable for the long-term. The last thing you want is to swap one job that you don’t like for another (your business) just to pay the bills.
5 Essential Things You Need to Know Before Starting Your Business
If you want to create a sustainable business that won’t drain the life out of you, there’s a few other things you’ll also want to consider.
We are all unique and as such, we all have different interests, abilities, and experiences. Therefore, what constitutes a good business idea for one person might be a terribly unsuitable idea for another.
Here’s some key questions to help you identify a good business idea…
1 – Are you passionate about this business idea?
When starting a business, you will need to spend a lot of time marketing your business, which generally means talking about your new business A LOT! Getting your business out into the world, telling people what you do and showing potential customers the benefits of your products and/or services.
Being passionate about your business, your products/services, and the results they bring your customers, will shine through in everything you do. It will make your marketing easier and more fun. Plus, like laughter, your excitement will be infectious to the people who come across your business, making them more likely to engage with you and become potential customers.
Whereas, if you lack passion for your business idea, talking about it can become monotonous. And your marketing can feel like a chore. People can usually tell when someone is genuine and a lack of enthusiasm will act as a red flag to potential customers.
A lack of passion doesn’t bode well for job-satisfaction or your business longevity
2 – Are you genuinely interested in this business idea?
We live in a world of consistent change, particularly the online business world. Having a genuine interest in the subject area that your business idea sits within can help your business to grow naturally. You’ll be more inclined to seek out additional opportunities and research new developments when you are personally interested in the changing times.
Remaining up to date on the latest news, trends and shifts that are relevant to your business will be effortless and can bring huge advantages to early adaptors.
3 – Will you enjoy doing the work involved?
Starting a business and working for yourself requires an element of self-discipline. You and you alone are responsible for making sure that the work gets done. I’m sure you can imagine how much easier this will be if you actually ENJOY doing the work your business entails.
As well as significantly increasing your willingness to do the work, you’ll find that you look forward to starting work each day. No more dreading Monday mornings!
Enjoying your work can help you to stay motivated
4 – Do you have the necessary skills/experience?
Depending on your particular business idea there are likely to be certain skills necessary to complete the work.
- Do you have any previous experience working in these areas?
- Are you confident in your ability to complete the tasks that this business idea will entail?
- Do you have any life skills or experiences that are relevant?
- Will you require any official qualifications?
Most small businesses can be started without official qualifications, but it is preferable to have previous experience of a similar nature.
5 – Is there a paying market?
To identify a good business idea and extinguish that from a poor idea, you need to ensure that there are people who are willing to pay for your proposed product or service. This is where your research comes in. If your business idea involves selling something that is widely available to download for free, then it’s unlikely to be a profitable business idea.
There’s usually a difference between what people will accept for free and what customers will pay you for
If you have multiple business ideas and you’re not sure which to pursue, work through the questions above for each of them individually. This will give you a greater insight into the sustainability and long-term potential, helping you make a more informed decision.
Like most things in life, starting a business has its pros and cons. Being passionate about your business, loving the work you’ll be doing and knowing the difference your products or services will make in the lives of your customers is how to identify a good business idea FOR YOU.
In this FREE MINI-COURSE, I’ll walk you through EXACTLY what you need to know before you get started, so you can launch your business with the confidence you are on the path to success.