Choosing the perfect business idea
So you have decided you want to start your own business but not quite sure what to do and are unsure how to come up with the perfect business idea. Do you have a million and one ideas floating around in your head but unsure how to channel them into a cohesive idea?
Follow these simple steps to help you come up with the perfect business idea that will set you on the path to starting your own business.
In my opinion, there are three key elements to finding a business idea that stands a chance of success:
- Do something you love
- Do something you are good at
- Do something that people are willing to pay for
Simple huh? Well, no, not necessarily. These three points need to have some careful consideration applied. So let’s look at them one at a time.
Do something you love
- What do you love doing?
- What could you do for hours on end and never get bored?
- What really fires you and fills you with energy and excitement when you do it?
Write these down. Jot down your hobbies and interests. Think about what inspires you and what articles immediately catch your attention in magazines or online that you immediately want to read.
And don’t limit yourself to the present day. Think back to your childhood. What did you love doing then but you may have stopped doing in adult life but would love to have the chance to do again?
Running your own business is tough so by finding something that you love, you will find it easier to put in those incredibly long hours and keep motivated during the difficult periods.
Do something that you are good at?
- What skills do you have?
- What achievements have you accomplished?
- What have you won awards for?
- What do you know a lot about?
Again, don’t keep it to the present. Go back to your childhood and remember what you were praised for.
What skills do you have that you could transfer to a new business? You may have been a PA for the CEO of a company and made all their travel arrangements, organised meetings, diary appointments etc so could transfer these skills to become an events organiser.
If you have worked in a restaurant or café helping prepare the food you may have the skills to set up your own cake making business.
I know a lady who used to work in the hair and beauty industry but found herself frequently setting up procedures to prevent accidents. She has now set up her own business as a health and safety consultant for hair and beauty salons.
Do something that people are willing to pay for
So you have decided what you love doing and what you are good at, but what will people pay for?
You love cooking and you have won awards for your cake making skills at local village fetes. So will people pay for your cakes? I know a lady who did exactly this but found a niche in making up cake hampers.
You love photography and are qualified in childcare. So how about being a children photographer? Simplistic ideas here but hopefully you get my drift.
The above steps will have hopefully got you started with coming up with some business ideas.
Once you have come up with your idea, you need to make sure your business idea is solid by carrying out market research, competitor analysis, how you are going to fund your business and reach your customers etc. If you need help with any of this, come on over and join my Build Your Home Business course