Choosing a Winning Business Idea
Never Settle For Medocrity
Choosing a Winning Business Idea
Look around Main Street USA and you see a multitude of businesses offering something to somebody. Look around cyberspace and you find even more businessmen offering their goods and services to people like you and me. Starting a business is always a good idea.
When I think of business I always think of Robert Frost’s poem, The Road Not Yet Taken, because that’s how I see going into business. Going down the path few people seem to want to venture into. It’s the road “less traveled by, And that has made all the difference”.
But before you can try and make a difference you have to decide which business to go into. When surfing the net or walking down Main Street, there are just way too many ideas, some of them good, others bad. You can get confused or lost what with so many opportunities and prospects. Here are a few things to consider when choosing a winning business idea.
Choosing a Winning Business Idea / What are You Good At?
What are you good at? What are your skills, talents hobbies and likes? What is your passion? The answer to this question is a good foundation for that future business idea of yours. Making money from finding your passion and doing what you love doing most can give you a sense of satisfaction.
They say that you have to “love your work”. What better way to make money than doing something that you love to do? Every time I hear the “love your work” phrase I always think of Michael Jordan and Larry Bird. These people are basketball legends not businessmen but their love for basketball translated into the basketball court and we see it every time they hold the ball.
The passion, the drive, the ambition and the want is always there. The love for the game became the love for the work which enabled them to win championships. This should be your attitude too. When you love your work, its not work anymore, its fun. So find something you love to do, you are good at and build on that idea.
Ask any successful entrepreneur why he was successful, and I bet you part of it was that he loved what he was doing. And so should you.
Choosing a Winning Business Idea / Improve an Idea
You might say anything that can make money has been turned into a business so what else is there for you. This is true. Almost everything is now a money making venture, so stop trying to find the next best thing. Find the best thing that there is now and improve that idea.
Everybody needs improvement right? And businesses are no different. Find a business you like and improve that business. Say for example that your passion is burgers and would like to build on that. Ask yourself then how you can improve your burger so that people would want to eat at your diner instead of Joe’s. Will you offer vegetarian burger on an organic bun, or guarantee a 24 minute delivery within 5 blocks? There are businesses out there that need improvement so pick one and try to make it uniquely your own.
And while you are at it read a bio of Ray Kroc, the founder of MacDonalds. There are nuggets (so to speak) to be gleaned from the entrepreneurs who made it big. Just put your own spin on your business, so there is no mistaking it is yours.
Choosing a Winning Business Idea / What's a Niche
Another improvement idea would be to find a niche. A niche is a business idea which caters to an exclusive clientele. An example of a niche would be starting a shoe business, while catering to ladies with really big feet. There are stores which cater to such customers but the most common complaint would be the unattractive or limited designs.
Several companies have addressed this idea and are selling beautiful shoes in large sizes to women who need them. However, you need to be wary of this business idea because a niche market depends on the loyalty of the customers rather than on the actual demand for their product or service.
Choosing a Winning Business Idea / Don’t Join the Bandwagon
You know how Paris Hilton always says, “That’s hot”? Well not everything that is hot will guarantee success. Chances are hot businesses will be crowded and if you don’t differentiate yourself from these other businesses you won’t be able to attract customers.
There was a time when Internet Cafés were the “hot” businesses. However, everybody got into them and eventually competition got stiff and others had to sell or liquidate in order to get out of the market. Should you really want to join the bandwagon, remember to distinguish yourself from your competitors to attract and retain clients.
Choosing a Winning Business Idea / What works Online?
Winning business ideas may be just a mouse click away, so find out what’s in cyberspace. The advantage of doing business over the internet is that it reaches a great number of people, giving you access to a large number of potential customers. However, there are business ideas that work in the internet and others that do not. So do a little research before looking into this.
Another advantage of doing business online is that it costs less to start and operate. You only need your pc or laptop, internet connection, maybe domain fees and voila, your very own business. Also, your internet business is open 24/7 even during holidays. And my most favorite of all, it gives you the ability to work anywhere as long as you have access to the web.
Choosing a Winning Business Idea / Build It and They Will Come
Every business idea comes with a risk. However, there are steps to effectively manage and approach these risks. So before venturing forth unto the “road less traveled”, do a little research and some investigating.
Find out what you want and build on that. Picture where you want to be 5 years from now in terms of career, family and lifestyle and chances are, you will find your winning business idea. For more information on how you can set up a legitimate online business, visit Manifest Passive Income.
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