How do you choose a business idea? I do get this question always, and I never thought of doing justice to the topic until of recent when I got stuck on choosing between 3 business ideas.
So don’t worry, if you’re like me trying to decide on which business to start, just follow the steps below👇.
So this it, you need to answer the following questions;
1. What’s your interest?
You see, you don’t actually need a scientist to convince you that it’s much easier to succeed in what you have interest in than what you’re not interested in.
This is because if you’re passionate about something you wouldn’t mind going to any length to see it succeeds. And on the contrary, if you don’t like doing something, you will always do it shabbily. Never caring about the outcome.
For instance, someone like me enjoys spending time online, either researching or engaging in buying and selling. Therefore, starting an online business will be best for me.
But is that my only interest? Obviously not.
I also like farming (livestock farming to be precise). So how do I decide between starting a livestock farm or an online business like eCommerce? That’s what the other questions will tackle.
2. What’s your experience?
Basically, it’s advisable to start a business in an industry that you’re familiar with and you have some years of experience.
I personally have been researching ways to make money online since 2013. I created this website in November 2014 and have tried my hands on numerous other online business to date. And while some succeed, some failed.
On the contrary, I don’t have any firsthand experience of Agriculture except during my University days when I planted maize and participated in fish farming.
In due if this, it’s more advisable for me to start an online business first than an Agricultural business.
Anyway, that’s not all. We still need to answer more questions to help validate our business idea.
3. What’re your abilities?
This is also very important. You need to identify the things that you’re really good at.
Someone like me is very good with the computer. I’m proficient in website design, graphic design, video editing etc.
Since I have more Digital skills, it’s therefore advisable that I start an online business instead of an Agro business.
Mind you that I can start building skills in Agro biz as regards starting the business in the future.
Let’s move on to other questions.
4. How much money do you have?
While it’s possible to start any business venture and succeed in it, it’s always safer to be realistic.
You do not expect to start a multi-billion dollar business if you’re broke and don’t have access to bank loans or grant.
So what’s the way out? The way out is actually being honest with yourself.
How much do you have at the moment to invest in your business?
If it’s NGN50,000, then you may decide to start Mobile money, Data share, and Cable Subscription business.
If it’s NGN500,000, you may decide to open a business centre. And if it’s NGN1,000,000 you can decide to start a farm or become a local distributor of a hot-selling product.
It’s left for you to decide based on what’s in your pocket.
If you’re unrealistic with your startup capital in relation to the type of business you’re starting, your establishment may end up a disaster.
Now to the final question
5. What’s else can you be doing to make money?
This is also very important. It does take time to scale a business and make it run successfully on its own.
Therefore while you’re building your business, you should ensure that you’ve something doing that can sustain you.
While some decide to get a part-time job, others choose to drive Uber to support their business. It all depends on you.
If you don’t find means to earn money while you build your business, it might end up leading to poor financial decisions.
I personally, have seen myself shuffle money between my business and personal account. It was a quagmire as I had no valid account book.
This the end of the article. I hope you’ve learned something new.
Feel free to ask any question or make suggestions using the comments below.
And until next time, keep learning my friend.