Choosing the Right Business

by Wasim Ismail on November 17, 2010

Everyone wants to become a successful, and build a name for them, it’s only natural. Some people are born to be too successful, whilst others have to graft their way to the top. At the end of the day, everyone wants to enjoy the view from the top.

Although there is a unlimited choice for a business, it all depends on what your really want from the business, and how much effort you are willing to put into the business. Choosing the right business idea

Just like anything else in life, “nothing comes FREE”; whatever business you decide to venture into, it needs to be something you enjoy, since it’s going to be part of your daily life, since you will be Dreaming Business, Sleeping Business, and Eating Business. It will be impossible to get away from it, more so ever the reason, to set something up that you enjoy, and when it’s something that you enjoy you will want to spend more time making it successful.

How to choose your ideal business

There are many ways to you can choose your perfect business; it could be something you wanted to do since you were a child, something that’s caught your interest, or even a hobby; that you now see a way of generating revenue.

Now if you’re like me, still confused or don’t have a lot of ideas bubbling around in your head, then I would like to share the following steps with you, which I found very effective in helping me decide on the right business.

Step 1

Before you jump into finding your perfect business, create a business plan, highlighting your business and personal objectives that you wish to achieve, plus indicating timescales for achieving these objectives.

For example the objectives could be:

  • Freedom to work for yourself
  • Financial security
  • Want a challenge
  • Want to earn £X amount a month
  • Want to work from home
  • Your goals and targets could be anything, there is no limit

Step 2

Now that we have established your business objectives and what you want realise; consider the following:

  • How are we going to accomplish our goals
  • What do you need, to attain them
  • Not forgetting, that to see the view from the top, you need to climb the mountain, this will not be easy. Some people may be happy reaching the first camp, however, others may like to take the cable car ride up; or walk to the top.
  • There is no rush, you can climb the mountain in a day or in a year, that depends on the individual and the urgency they generate regarding reaching the peak.

Firstly, just list down all your ideas and everything that comes into your mind. Remembering the things you enjoy and would like to make a business out of.

Continue this brainstorming method for at least 3-4 weeks, or until you’ve really exhausting all your ideas.

One thing you will notice is a reduction in new ideas as you reach your peak, and by end of the brainstorming session you should have full list of all of your potential business ideas that will generate a serious income for you.

Step 3

At this stage, you will go through your exhaustive list of potential businesses and begin an eliminating process to create a shortlist of 3 to 5 ideas; this process should be carried out over a period of 7 to 10 days. You can use the eliminating criteria listed below:

  • Eliminate any business idea that you have even the slightest doubt that it may not right for you.
  • Cross out any business idea that you think your business goal and target may not be achievable.
  • Eradicate all the ideas that you recorded just for the sake of it, trust me there will be some that you just wrote down.

Don’t carry out this process of elimination all in one day, since you will not reap the true benefit of this; take 7 to 10 days, so that you consider the strengths and weaknesses of each idea, and start to remove them off your list.

Step 4

Now that you have 3 or 5 of your unsurpassed business ideas in front of you; these ideas have been retained because you can see your self-making a substantial income and enjoying life in the process.

How do you decide on the preeminent business for you from the list?

From the list that you have, I would choose my final one based on the below points, since all the business ideas you have at this point are creditable:

  • You achieve your goal more rapidly
  • Start straight away with minimum investment
  • Self satisfaction factor; really enjoy and wouldn’t mind working all hours to achieve the goals.

This exercise might not be for everyone, since not everybody is open-minded. The lesson from this exercise is that we should always focus on our goals whether they are long or short term; because we will experience an intuit of achievement when we accomplish our goals.

Conclusion and points to take away when choosing the right business:

  1. Do your homework – an idea is not good enough, scale up the idea, and see if ifs worthwhile going into business with this idea, or do you need to change the idea or concept.
  2. Cash Flow – don’t just jump into a high-risk business my risking your house, ensure that you have enough cash to survive.
  3. Healthy Balance – threes more to life than money, your health & family. Make sure you have your priorities right.
  4. If unsure ask: always ask someone that’s more experience then you are in a particular field, learn from others mistake to avoid you falling into the same trap.

 

 

Thank You For Reading

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