Determining the Right Business to Start

Becoming an entrepreneur is more than just a dream. You have to be ready to put in the work it takes to build a successful business. But before you quit your day job ask yourself these questions: Do you have the vision, the drive, and long term commitment to make it work? More importantly, how do you determine the right business for you to start?

Determine What Your Passion Is
What’s your passion? When you branch off on your own you have to love what you do that gets you through the tough times. Choosing a venture that you’re passionate about is a key to the success of your business as a whole. Conduct some research using business internet service to pin point your business goal.

Assess Your Resources, Skills
You are your most valuable asset. Do a S.W.O.T. analysis of yourself. Define your skill set, knowledge base, level of expertise, strengths, weaknesses, and resources. You have to have a realistic idea of what you have to work with from the beginning. 

Research Industries, Trends, Business Models, and Strategies
Research industries, trends, successful business models, and successful strategies. What’s hot? What businesses are failing? Research why and how these things are happening.

The bottom line is, you want to make money. You can learn a lot from companies that have walked the path you’re trying to walk and succeeded. Soak up as much information as you can about other companies, join industry organizations, online groups, and network with other entrepreneurs.

Assess Market Needs and Find Your Niche
Assess the market needs in your area – whether that’s geographic or an industry. You can set yourself apart by offering a specific product or service to a specific market, at the highest level of quality.

Define a Product or Service
Define your product or service. What are you selling? What will it look like? What benefits and features will you offer and what will it address for your potential customers? What’s your price point?

Define Customer Base and Customer Needs
Define who you’re selling to by creating a target customer profile. You have to have a crystal clear understanding of who your customer is, what their needs are, and how you’re going to fulfill their needs with your service or product.

Analyze Competition
Research the competition and analyze their position in the market. Look at companies that are big, and companies that are small. What sets them apart from each other? What features and benefits do they offer? Ask yourself if you can compete with them, and figure out how.

Determine Funding Resources
Crunch the numbers. Figure out how you’re going to fund this dream. Will you borrow from friends, take out a loan, apply for grants, or seek investors? Figure out your budget. How much money do you need for supplies, equipment, technology, marketing, websites, or employees? Explore your options and choose the solution that meets your business needs.

Create a Strategy
Create a strategy to achieve all these business goals. Figure out how to position yourself in the market to be successful and turn a profit. Do a S.W.O.T. analysis of your business idea using all the information you’ve collected. Figure out how you’ll market your business and create a system of checks and balances. 

Create a Business Plan
Finally, you can put it all together into a business plan. As you write the first draft of the plan you’ll start to iron out all the kinks in your vision.

You can quit your day job and pursue your dreams as long as you give it your all. Don’t be scared to take the plunge and build a business on your own.

 

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