Deciding on a business idea

When picking a business idea it can get overwhelming with the multitude of possibilities and ideas you have! We have highlighted 4 points to consider when making your decision.

1. What is your passion?

Ever realise a lot of successful businesses were started by people who passionate about what they do?

Having a strong passion for what you do helps to keep you motivated and driven even when things get tough. It will also keep you interested in your business long term. After all, would you really want to trade in your day job to run a business in an area you have zero interest in? How successful can a business be if it's owner has no interest in it?

2. Market research

Doing your relevant market research might seem obvious but many people tend to overlook this thinking that they have a great business idea they feel most people would believe in.

However, other than your gut feeling you should do actual research on your business idea. You have to determine whether there is a market for your business, who your target market is, who your competitors are, what challenges do you face in the industry, what are the government regulations you will have to follow etc.

Without proper market research you might end up investing a lot of money and time into a business you might eventually discover is unviable.

3. Personal skills

It will be foolish to pick a business idea on something you have zero knowledge of. Instead, you should select a business in an area or industry in which you already have any existing skills or background and experience in.

This would give you a leg up on your competitors as you would be able to navigate your way more easily and have skills and knowledge on how best to run your business. With experience in the area, it would give people greater confidence in your business and help you to get investors and customer confidence.

4. Be prepared to work for it

No matter how great your business idea is, for every business to be successful you need to put in hard work and have dedication to grow it. If you feel that you will not be able to dedicate the time, attention or energy required for your business idea, you should consider a different idea more suitable to the time and effort you can invest into it.