Some of you would have already started a business, but were not successful and finally would have closed it and lost money. I would be sharing with you 5 simple steps on how to choose a business suitable for you.
Is planning necessary for business?
Many individuals would have started the business in a hurry and would have lost money. Some would continue to incur loss over a period hoping that it would turn positive at a later point in time. Hence planning is necessary before you choose the best business suitable for you.
1) What are your goals and what do you want to achieve?
You should know what your goals are and what you want to achieve by doing a business. The reason could be earning money, providing employment opportunities, or gaining a brand image. Your goal would provide direction to your path. If your goal is to provide employment opportunities, you should choose less expensive products or services so that you can employ more people. If your goal is to gain brand image, you need to put a lot of effort and money to gain the image in your location or country. I wanted to make money and decided on it as my first goal and creating a brand as my second goal.
2) Choose your area of interest:
Entrepreneurs fail because they might be doing something in which they are not interested. They would have just thought of earning money and would have chosen the area. In the process, though they may make money in the initial stages of business, however, it would not last for a long time. Pick up a business in the area you are interested in. A writer, who has written a murder story for a novel, has not killed someone to write the book. You should be interested in the particular you are choosing and need not have experience.
When I wanted to do a small business, I picked up a piece of paper and started writing my area of interest. I can’t believe that I could list down more than 40 ideas. It includes making money as a financial advisor, making money online, opening a restaurant, creating beautiful dolls and selling them through social networking sites like Facebook, opening an online Kirana store, etc.,
3) Do research on the products or services which you want to offer
The list prepared by you about your area of interest could be big. However, you need to pick up each item and start re-searching for the business idea. You can do a Google search on such business ideas. What is your product’s demand in the market, who is your supplier, what is the level of competition, how profitable is your business, etc?
When I started searching, I felt there is heavy competition in a majority of areas where I havan e interest. When I read reviews about the business ideas I want to do, it requires full-time attention. However, I aimed to do part-time and spend a few hours a day and make more money.
4) Shortlist your interests by eliminating a few of them
Shortlist your listed items by eliminating unnecessary or less interesting items. Make fewer options to choose from. It can be based on the feasibility of business or competition or the investment involved etc. This means now being able to pick up a few business ideas which suit your interest and where it is feasible and where you can afford to invest in such business.
When I shortlisted from 40+ business ideas that I wanted to do part-time, I came to 3-4 ideas. Some of them were making money as financial advisors, making money through a blog, creating an online Kirana store, and working as freelance writers (writing articles online).
Failed to choose, start again
If you have failed to choose from the shortlisted business ideas, start the process all over again. Throw all your ideas in the dust bin and restart your thinking process.
5) Finally choose a business idea that suits you
Finally, among the 3 to 5 business ideas you have shortlisted, pick up one which you finally wanted to do.
From the 5 ideas, I have a picked-up financial advisor and making money through a blog to start with. As a financial advisor and creator of a financial blog in India, I can fulfill my dream of making money online by working a few hours a day. The success has not come in a few months. I worked for almost 1 year with a detailed plan and spent sleepless nights and I can enjoy the fruits now. Someone asks me to present about my business or how I achieved my success in this, I can talk or write non-stop for the next 5 hours.