You wake up one morning and decide that you are finally ready to take the plunge and start your own business. However, as you examine and discard several business suggestions, you begin to have thoughts like: “How do I choose a business idea?” and “How am I so sure that I can actually start this particular business?”
Fortunately, thoughts like these are incredibly common. Even amongst highly successful entrepreneurs. In this article, we’re going to discuss how to silence these thoughts and show you how to choose the right business idea for you.
See Also: Entrepreneurship is not for you if you manifest these signs.
When To Start A Business
People often worry that they’re starting their business at the wrong time. However, when you look at it, there’s really no wrong time to start a business.
Going through with your business idea in the middle of a booming economy has obvious benefits. For one thing, people have money to spend and are happy to spend it. However, starting a business during a dip in the economy might be just as forward-thinking. If you’ve carried out a thorough market analysis and you’re convinced that your business offers a solution to a widespread problem, then there is no better time to start than now.
The current Covid-19 pandemic has led to a global recession and widespread unemployment. These are, without a doubt, tough times for many. But since most people will shy away from launching a business during tough economic times, your business almost effortlessly will stand out.
At Entrepreneurs.ng we recently released the long-awaited 35 Booming Business Ideas and Step-By-Step Guides on How to Start Them! This book is a gold mine of strategic and financial guidance. Essentially, it details how to launch some of the most lucrative businesses in Nigeria! Furthermore, the book accounts for policy reform and economic changes, which have occurred since the beginning of the pandemic. Additionally, there are a ton of tips on how to start and market the business of your dreams during tough times.
So, if after a look at all these 35 business ideas and you’re stuck on how to pick the best one(s) for your goals and lifestyle, keep reading to learn how.
See Also: 10 Best business schools for entrepreneurs and aspiring entrepreneurs in Africa.
How To Choose A Business Idea That’s Right For You
Step 1 – Write About Yourself
First, take a step back from the business ideas for a little while. Instead, focus on yourself. Take a piece of paper and write down the things you like to do and the things that you’re good at. Your list could include points like: “I’m good at writing, I enjoy travel, I am an early-riser”. Also, write down a list of things you don’t really enjoy and things you’re not good at.
The aim of this exercise is to discover where your passion and strengths lie. If you play to your passions and do what you’re good at, it becomes much easier to be driven when you start out.
Step 2 – Figure Out What Your Ideal Workday Looks Like 6 Years From Now
At this point, ask yourself what you like or dislike about your current professional life. Do you like the working hours and dislike the endless meetings? Or do you enjoy interacting with your co-workers during a coffee break?
Next, think carefully about what an ideal day of work would look like 6 years from now. Are you sipping coffee in cafés and working on a laptop? Or are you leading a team in a fast-paced environment? How does it differ from your current life?
The purpose of asking these questions is to “kill” fruitless attachments you might have made to business ideas that just won’t work for you. The goal is to figure out what you really want and to choose a business idea that will contribute to your preferred lifestyle.
At the end of the day, if your new business as an entrepreneur is more of the same situations you disliked in your past professional life, it will be extremely difficult to stay motivated. Picturing your life in 6 years provides the inspiration to aim for what will make you happy.
See Also: 10 Ways to successfully implement your business idea.
Step 3 – On To The Business Ideas
In this step, you will have to do your homework to make sure your ideas meet the right criteria. From the exercises in Steps 1 and 2, compile a list of ideas that have these characteristics:
- They play to your personal strengths.
- They offer a good chance of experiencing the “ideal workday” explored in Step 2.
- They are proven to be lucrative. You can take a look at what businesses are profitable but where there is an insufficient supply for the market demand. Take these business ideas and put your own original spin on them. Your idea doesn’t need to be brand new to make you rich.
- They solve problems that you or people you know would like solved. It is crucial that your business idea provide some sort of market value. The market value of a business idea is measured by how good the solution it provides is. This must be to meet current demand. For example, have you ever looked for a health coach to instruct you in both physical fitness and healthy African cuisine? Chances are, you had a hard time finding such a coach. From this experience, your new business idea might be along the lines of health blogging by Africans for Africans.
- They can be started almost right away: this characteristic is important so that these business ideas can be easily tested.
- They are not overly complicated: simplicity is the soul of business.
- Abandon the notion of the “perfect” idea. It doesn’t exist.
See Also: Benefits of teaching your children entrepreneurship
Step 4 – Narrow Down Further For Profitability
After compiling a list of potentially viable business ideas, narrow down further for profitability. You can do this by conducting a quick but thorough feasibility study. In this study, you will assess the income potential of each idea within your chosen market. Eliminate the least profitable businesses on your list.
Step 5 – Decide On A Business To Test
Before you choose a business idea from your narrowed list, you need to test some of them out!
You might choose to start by testing the cheapest, least time-intensive idea to minimise the risk. This is why it’s important that your business ideas can be started right away. Testing your ideas reduces the uncertainty and risk involved with starting a business. It also allows you to discover the most viable ideas you have so far.
See also: 5 Simple Steps For Owning A Business In Nigeria
Step 6 – Start Testing
Start testing! This is a hard step for most aspiring entrepreneurs. In spite of all the care we’ve taken to get to this point, it might still be terrifying to actually get started. But don’t dawdle! You’ve done the work. You know that your business idea is lucrative, interesting, that it plays to your strengths and passions, and that it fits the lifestyle you hope to achieve someday.
With these 6 easy steps, you can discover the right business idea for you and be on your way to raking in some well-earned money.
What business ideas are you ready to explore? Get your copy of 35 Booming Business Ideas and Step-By-Step Guides on How to Start Them to start finding the right one!
Also, let’s create visibility for your brand and put your business on the world map. When you settle on a business idea, contact us to make your brand the preferred choice for our audience of entrepreneurs and business leaders.
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