Starting a New Business – 5 Tips for Choosing the Right Business Idea

April 6, 2012 — Leave a comment

Starting a new business is never an easy task, with many people giving up on their venture within the first few months. Choosing the right business for you is crucial to the success of the efforts. You are far more likely to succeed if you feel passionate about what you are doing, especially when it comes to running your own company. If you are looking to start a new business, use these 5 tips from Scott Dylan for choosing the right business idea.


1. Choose something that you will enjoy

One of the advantages of running your own business is that you can choose what you want to do. Running your own business is hard work, and often involves working long hours, so it is important to choose something that you will enjoy spending your time on. Think about your hobbies, interests and passions when looking for business ideas. Brainstorm some ideas on how to make money from your hobbies and interests.

2. Remember your responsibilities

In order for your business to be a success, it has to fit in with your lifestyle. For example, if you have a young family and need to spend most of your time at home, you might find it very difficult to commit to a business that involves a lot of traveling. Always factor in your current responsibilities when choosing a business idea. This will help you stay focussed on realistic goals.

3. Think about your strengths

Everybody has their own personal strengths, whether they are mental, emotional or physical. Some people are good with their hands, while others may be better at using their mental skills. Some people enjoy being highly organised, while others thrive in chaos. Looking at your strengths can help you to gain a clear view of what kind of business and organisation structure will be best for you.

4. Don’t forget your weaknesses

Just as everybody has their strengths, everyone also has their weaknesses. Maybe you struggle with mental arithmetic, feel awkward in social situations, have trouble staying focused on a problem for long periods of time, or just find it difficult to get out of bed early in the morning. Whatever your weaknesses are, it is essential that you take account of these when choosing your business idea. Acknowledging your weaknesses allows you to find ways of working around them, or learning to deal with them so that they don’t prevent you from running a successful business.

5. Assess your skills

The skills that you already possess are crucial in determining your business plan. Some skills, such as organisation and timekeeping, are transferable and useful in almost every type of business, while others may be more specific to your chose business area. If you don’t already possess the skills that you need in order to build a successful business, you need to plan how and where you will learn these skills.

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