So you want to start a business but you’re not sure if the business you want to start is a good idea. Nor are you sure if your idea will actually make you money.
How do you know? How did I know that the various businesses I’ve started over the past 30 years would be successful? I didn’t! Not in the beginning. But after taking these steps, I was sure I’d be successfully if I did the two things that guaranteed my success. Number one was to never give up – number two was to work harder than I ever worked in my life. I did just that and the last 30 years of being my own boss have paid off seven-fold!
Now, how do you gauge whether your idea will result in a good business to start?
Here are ma few of my suggestions…
#1 – Do your research to see who else is doing what you are doing and how they are doing it. If no one else is doing it, it’s probably not a good idea. There is plenty of room in the marketplace for your product or service even if dozens of other businesses exists that are doing the same thing. That shows that there is a need in the marketplace. Your challenge is to put your unique spin on it. Your goal is to have a unique selling position (USP) that will make your product or service different and unique enough that people will want to buy from you.
Consider the chair! According to history, the chair was first invented sometime during the 5th century (B.C.). Since that time, thousands of different kinds of chairs have been invented and perfected. Was the market able to handle multiple chairs from multiple manufacturers? Sure, it was. So, don’t give up on your idea just because others are doing it! That’s a good thing. Your challenge is making sure that yours is better!
#2 – Ask the Marketplace. Do market research of potential customers. This research will be designed to ask potential customers if they would purchase your product or service. You can use social media to poll people online and see the response to whether your idea has merit. You can also create a survey using applications such as Survey Monkey and ask people to complete it. Ask questions regarding your potential product or service that will give you a clue of how the product will do when launched. For example, what people would pay to purchase a product or service?
#3 – Can you afford to produce or manufacture your product or service? Some ideas are great, if you are willing to take the risks of what it may take to turn your idea into a business. For example, a restaurant, one of the more risky business ventures, may be a good idea for someone who has investors or a good amount of savings to invest. Businesses that may costs a lot of money to start and operate may not be a good idea as you move into your 50Somethings. I recommend that you steer away from ideas that may compromise your financial standing at this stage in your life. Safer businesses like consulting, coaching, network marketing, etc., are better choices.
#4 – Does your business idea solve a problem? The first test in starting a business is being sure that you solve a real problem people are having and have expressed that they need help with. Most inventions come from a problem that needs to be solved. Most services assist people with problems they are having, i.e., tax preparation, social media training, copywriting help, bookkeeping, virtual assistance, etc. If your idea stems from a problem you’ve had yourself or see others struggling with, it probably is a good business to start.
#5 – Do you have passion for your business idea? Passion rules the day! If you aren’t passionate or don’t feel as if you are going to have fun running your business, don’t start it. I have had businesses where I had very little passion and they did not last long. The ones where I loved what I was doing, loved the people who I was fortunate enough to serve, and had fun doing it, were my most successful businesses. Check your passion level. If you don’t have your business idea on your heart and mind constantly, think of something else to do.
I hope these few short tips will help you in your quest to find the right business to start and launch. If you are still struggling with coming up with the right business for you to start, schedule a FREE strategy call. Together we can sort through your ideas and come up with the perfect business for you or we can discuss how to take your idea to the next level.
To schedule your call, go to https://calendly.com/50somethinglifestyle.