How to choose the right business idea
Are you constantly thinking of new business ideas? You get all excited, you buy the domain name, you check Companies House, you get even more excited and then time passes and someone else lands on a similar idea and runs with it.
You are left feeling frustrated and annoyed that it could have been you winning entrepreneur of the year award… but… did you really choose the right business idea for you?
Choosing the right business idea can be a tricky and frustrating process – here’s a quick guide to get you started. So many business ideas, so little time…
• Choose the right business idea that you are passionate about: I know I talk about this a lot but you need to be inspired by the idea of running this particular business. You need to love it and be willing to fight for it. If you are not excited by it, walk away.
• Choose the right business idea that plays to your strengths: there is no point in starting a business doing something that you struggle with i.e. a business relying heavily on tech when you are just not wired that way. Use your natural strengths.
• Choose the right business idea that you know a lot about: as a first-time entrepreneur, knowing a lot about your topic is a great place to begin. Don’t forget though, you can always learn/retrain to gain the knowledge you need.
• Choose the right business idea that there is demand for: do your research. If you have healthy competition, then there is a market and ready-made customers. You can be unique in how you deliver it.
If you’ve ticked all those boxes above, then what’s holding you back? Are you worried it won’t be a success? Are you so busy trying to make it perfect that it never gets off the ground? Do you have a nagging voice telling you that you couldn’t possibly pull it off? If so, take a look at our courses to help guide you through the process.
Footprint Business Coaching is the place to go for anyone who needs help with how to choose the right business idea. We help you launch a business that is right for you.