7 Tips for choosing a business idea

March 26, 2021

1. Focus on your passion and skills

Starting a business with your own passion and skills, automatically makes the process more natural and easier to flow as your heart and your strengths are automatically in it.

Passion projects at times may be harder to work out as we are emotionally involved, so we may struggle to see the bigger picture that is needed.

However, as it is your passion, you are very clear what it is that you are trying to solve, so you have a tunnel vision on your focus and understanding of the subject matter.

2. Be a solution

Businesses are there to solve a problem however big or small they may be. Identifying what problem your business is trying to solve, gives the customer a clear idea of why they need you and why they will buy from you.

Your solution does not have to be complicated; your solution may be the same as many others. This is fine as your problem does not necessarily have to reinvent the wheel.

The understanding of it and what it solves is the key.

3. Assess your work-life balance

Staying grounded and not feeling overwhelmed is very important. There is a perception that business owners work very long hours, have little time for their families and friends and are prone to stress easily. This is at times seen as something that should be accepted should you wish to start your own business.

Unfortunately, there are very many business owners that can agree with that statement, but I am sure that they will also tell you that they have realised that this was not sustainable and a healthy balance is the only way to move forward.

Hard work and grit are definitely needed, but start how you mean to go on with a healthy, manageable balance from the beginning.

4. Is now the right time?

Entrepreneurs have a very typical habit of thinking of lots of ideas ALL of the time. We also have a way of convincing ourselves how doable this is as it makes sense to us.

Assess where you are in your lives right now. Are you in the middle of your exams, or just received a promotion at work? Is now the time that you can fully focus on growing your business?

If the answer is no, that is not a negative. It may be that you have to take smaller steps to achieve your goal, or park the idea for a short while until you can fully dedicate your time to your idea.

You will be more frustrated with yourself if you are unable to go at the pace you wanted, so don’t put unnecessary pressure on yourself. Nothing before its time.

5. What do I have to do before?

Work backwards from your final business idea and determine what steps need to be taken before you can launch. These steps may not be the final list as you may discover other things as you go along, but have a general idea of all the puzzle pieces in order for you to execute your idea properly.

6. Learn EVERYTHING

Be a literal sponge and learn and understand everything. Some things may not be relevant to you and your business specifically, but have an understanding of how things work which in turn will strengthen your skill in running your own venture.

Knowledge is key, so although you may not need to upskill to deliver these elements, being able to apply them or outsource others to is helpful.

Things change all the time so keep up to date with changes and relevant things that can affect and also enhance your business.

7. Test your idea with the market

Always do a small-scale product test to see how your business idea fairs. Have an understanding of what the market liked, but also what they did not like, to know how to improve.

By doing this you have a more informed direction of your business idea, which can save you money and time in the long run.

Ultimately business is designed to serve the market, so ensure that you have the markets input in mind when you launch.

Lizzy Lambie
Author: Lizzy Lambie

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