How To Evaluation Your Ideas Talents For Business
Now is the time for a little market research, investigative
study, and general digesting your ideas talents. Begin with a bird's eye view of each idea. Remember
what we said initially about not just trying on the pants if you want to buy
the whole suit? Well, now's the time to try on the whole ensemble. Here is what
you have to look at:
- Is there a market for your idea?
- Does the market have money?
- Is there a lot of competition?
- Can you come up with the funds it will take to get the business started?
- Do you know how to market and sell the produce/service?
- Can you easily get the product or service to your customers?
What is the best way to get it started?
You have the general idea of the marketability of the idea, but
what is the best way to get the business started? Can you begin as a part-time
home business, or does it require more manpower and space? Is a franchise
possible or can you buy an existing business?
What is the income possibility for the idea?
Can you estimate the amount of income you can expect from each
business idea? In order to do this, you have to have a good idea of the level
of demand for the product or service, and a good feel for what the competition
is charging. You also have to realistically estimate your production
capabilities.
Are there additional needs and costs related to the idea?
Do you know enough about the type of business or will there be a
significant learning curve? How much time and money will be devoted to learning
about the business? Can you afford to take that time? If you are starting the
business as a part-time side business from home you may have the luxury of
trying some different businesses. If you're quitting your day job and are
looking to replace that income then you need to make sure you do all of the
homework to make the best decision possible.
Other deciding factors
There are few more things to consider when thinking about
starting your own business. They include:
- Your own level of commitment Consider the extent or length to which you would go to make your business work (i.e. travel, commuting, relocating, etc.)
- Your family's support and approval of your idea.Having the support of your family is very important to the success of your business, as well as the stress levels you endure in working to making it happen. Make sure you have the support you'll need both emotionally and from a work-load standpoint.
- Zoning restrictions for the location You are looking at Make sure you know the restrictions on the types of businesses that can occupy a space (particularly if you are operating your business out of your home.) Your town planning office or City Hall can provide that information.
- Your willingness to seek outside help if you need it Don't hesitate to get professional help for your business. There are many resources that can provide you with great ideas and information that can help manage more efficiently and perhaps even find that "edge."
- The compatibility of the business with your life style. If you're a night person and hate mornings then you probably don't want to open a doughnut shop. Make sure your business idea fits the schedule you work best in.
- The level of personal satisfaction you will get from the business. Sometimes you really have to think about what you would enjoy rather than what you can make the most money at. Remember, you only go around this big merry go round once!
0 comments