There are many of us who say things like "one day I will start a business on...". My families said it about a million times, and the dream and conversation goes something like this; "one day we will own so much land we can build our own tree house vacation rental. We can do a bunch of different houses, and connect bridges and cargo nets to them for the kids. You know how much money people pay to stay in one of those things? If you already owned the land it wouldn't be that hard."
While a great idea, there are many factors that should go into the process of deciding on a business idea to actually create and put into action. So what should one consider?
Trying to start your business? Consider the following steps/factors.
- Brainstorm Business Ideas
- What business model would be best?
- Is your business limited to a particular geographical location?
- How often do people search your business idea?
- How competitive is the market for your business idea?
- How easy would it be to start up your business?
- What is your budget for starting your business?
- What is the demand for your business idea?
- Who would your suppliers be?
- How often would you be able to obtain needed supplies?
- What would be potential problems to starting your business?
- What would it cost to start your business?
- How much time would your business take?
- How much profit would you make?
Depending on all of those factors,
what business idea sounds most feasible?
Lessons I have learned through the process.
One of the greatest lessons I have learned through the process of choosing a business idea is the ability to use Google ad words and the key planer tool to find all sorts of information on how much your business idea might be clicked on, how high the demand is for the business idea, the competition levels for the business, etc.
I believe one of the most important aspects that google ad words can help one discover is the knowledge of how many clicks the business will get according to your budget. A business idea that doesn't get any internet traffic won't get any profit.
Helpful Sources
- Business Models
- Brainstorm- One of the most helpful resources is this website. Occasionally the hardest part of creating a business is finding ideas. The brainstorming website gives a variety of methods such as the problem solution method, market first, personal strengths, mix and match method and many more.
Other than just saying to yourself this would be a great business to start, next time take a full look, use the google key planner resource to see what your best business option is and then go from there!
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