If you have even a little bit of entrepreneurial spirit, you’ve already thought about starting some kind of business. You’ve probably imagined what it would be like to have an enterprise and be your own boss.
Did you think about having your own restaurant, fitness club, real estate agency, grocery store, or other ventures?
So how do you get from imagining these business ideas to selecting one as the business you will lead?
And most importantly, how can you be sure that it is a good idea?
Good business ideas develop from thorough and realistic assessments of both the entrepreneur’s self and the industry market and from seeking input from trustworthy advisors.
Self-Assessment
To select the best business opportunity, you need to assess yourself thoroughly and honestly.
This evaluation should reveal your true passions, skills, and experience, which will help steer you toward the best business opportunity for yourself.
While a particular industry may be attractive financially if you aren’t passionate about the field or don’t have the appropriate skills and experience, your prospects for running a successful operation are limited.
In the self-assessment stage, you should consider how your business operation will fit into your lifestyle. For example, your best prospects may be different if you are willing to work 24/7 than if you want a more traditional work schedule.
Finally, your self-evaluation must include a realistic assessment of the resources that you can commit to the project, as well as your risk profile.
Even if you have an industry that you are passionate about and have skills to succeed in, a lack of resources may prevent it from being a tenable business idea. Furthermore, the level of risk you are willing to take on will help steer your decision-making.
Explore the Market
To determine what the best business idea is, you need to assess yourself thoroughly, but you must also extensively and accurately analyze the market you are looking to enter.
At the top of this assessment is determining the demand for your product or service in the market in which you will operate.
Thorough research is needed to develop an accurate picture of demand, rather than just relying on what you think customers will want. Just because you feel a particular spot would be perfect for a restaurant doesn’t necessarily mean that the diners will come.
The competition your business will be up against also needs to be thoroughly evaluated to understand the demand for your product or service. The competition may be local, national, or even international depending on how the internet may impact the delivery of whatever you are selling.
Your business idea may not be a bad one just because competition exists. Instead, your research will simply help you determine how you can best differentiate your enterprise.
Finally, you should research and project the realistic profitability of your business idea to determine if it will work for you. Not all business owners enjoy huge profits, and it often takes some time to realize financial success. Assessing this beforehand can help you determine what kind of operation will work best for your financial goals.
Seek Assistance from Experienced Professionals
When it comes to launching a new business, you need to take advantage of every opportunity that you possibly can.
While nearly all serious entrepreneurs will evaluate themselves and perform some level of market research, what separates those who will succeed and those who fail will often come down to the help they seek (or don’t bother to get).
Our experienced team of investor assessment consultants at Visa Business Plans specializes in helping entrepreneurs make sound decisions based on careful analysis, proprietary assessments, and discussions of risks and rewards.
Our investment assessments help our clients choose the best business ideas through a thorough analysis of financial profile, vision, skills, lifestyle preferences, and investment opportunities.
Give us a call today to see how we can help you choose your best business idea!
Visa Business Plans is led by Marco Scanu, a certified coach from the University of Miami with a globally-based practice coaching Fortune 1000 company executives, entrepreneurs, as well as professionals in 4 different continents. Mr. Scanu advises clients on turnaround strategies and crisis management.
Mr. Scanu received a bachelor’s degree in Business Administration (Cum Laude) from the University of Florida and an MBA in Management from Bocconi University in Milan, Italy. Mr. Scanu was also a Visiting Scholar at Michigan State University under the prestigious H. Humphrey Fellowship (Fulbright program) with a focus on Entrepreneurship, Venture Capital, and high-growth enterprises.
At present, Mr. Scanu is the managing partner and CEO at Visa Business Plans, a Miami-based boutique consulting firm providing attorneys and investors with business planning services in the areas of U.S. and Canadian immigration, SBA loans, and others.