When embarking on a business venture, the very, very first thing you need is to decide on what business you are going to have. If you make a mistake here, everything else will go wrong. So you have to get this right from the onset. Choose the business that is right for you.
But how do you decide on a business?
Here are some factors to look for:
Business Tip #1: The business idea must be about something you love.
If you start a business just for the sake of money, you will never be able to keep it up. It’s lot like exercising: You may start out vigorously, but if you find it boring, it will tamper into a slump until you stop altogether. With business, it is the same. Passion for what you love will be your driving force.
Look within yourself and ask what you enjoy doing. Make a list of your favorite hobbies. Then think of the various businesses, products and services connected with each of them. To give an example, if you are fond of children, consider a day care center, a homeschooling program, a kids’ barber shop, children’s educational toys, babysitting service and so n.
Business Tip #2: The business idea must be profitable.
In other words, it must be in demand. If you no one needs your product or service, your business idea won’t sell no matter how much you like it. Once you have a business idea in mind, research its marketability. Is there a demand for your product or service? Will there be one in the future?
For example, if you are a nature conservationist and you’ve stumbled upon a way to patch up the ozone layer, then great! With skin cancers and global warming on the rise, it would seem your business idea is a very timely one indeed. But if your idea is a cool new stamp design for snail mails…
Business Tip #3: The business idea must involve something you can do very well.
This should not be that hard if you followed our first tip. People are usually good at what they love to do. You may have a natural aptitude for a certain activity, or you may have studied it in school, or both. The important thing is you must be an expert of your chosen field. If you cannot honestly say you are an expert of that thing, you had better revise your business plan.
Why is expertise so vital? Because people trust the specialists. If you need help with electrical wiring in your home, are you going to call a plumber or an electrician? The answer is obvious.
So pick a field of activity, and know it inside and out. Get a balance of theoretical and practical knowledge. You don’t need college degrees although they help (it depends on the business idea), but you need to have real, professional quality expertise.
Business Tip #4: The business idea must be unique enough.
Oh, it doesn’t have to be completely original. When was the last time you saw something totally new? It is okay to be a bit of a copycat. Learn from your forerunners in the business! What is meant by unique here is that you must be the only one in your area offering your chosen product or service. Or at least, make sure you are the best one.
For example, let’s say you want to open an herbal medicine store. If there are already 2-3 such stores in the same block, your work would be harder. But if you decide on a business like a men’s hair salon and there isn’t one in the whole city, you have better chances of success. The less the competition in your niche, the better.
Business Tip #5s: The business idea must be something you can afford.
We cannot end this article without this very practical consideration. If you want to start a limousine service, you will need a large capital to begin with. You could try getting a loan from the bank and hope your credit is good enough for easy payment terms. If not, try asking your rich grandmother for an advance bequest…
Conclusion
Plan your business carefully from the start. Decide on what business you really want to have, and the rest will be easier. Good luck!
By: R. Valdez
Posts Tagged ‘Sake’
Conscious Business – The Real Meaning of a "Service-Based" Business
November 20th, 2009
How often have you heard the term “service-based” business? Pretty frequently, I’m sure. Usually when you hear people (perhaps yourself) talk about a service business, they are referring to a service rather than a product that is offered to their clients. For the sake of business it is important to consider all of your products and services in your marketing mix. However, one of the most important things to consider is a much higher definition of the word “service” and clarity on how your business serves the greatest good of all.
This concept of REAL service quickly surfaced as the unplanned theme for a recent tele-summit that I planned, and I’m not surprised at all. Everywhere I turn more entrepreneurs are stepping up to claim that business is a VEHICLE to help in the positive transformation of our world. You see, the service your business offers goes FAR beyond the specific services you provide in exchange for money.
The true service of your business is not the offering you make to one particular individual; rather it is the service that your business (as a whole) offers to the world. When I interviewed Anita Pathik-Law for the tele-summit, she spoke of a collective urgency for entrepreneurs to serve. We got into an engaging conversation about the shifts going on in our world right now, and the rising energy of conscious entrepreneurs everywhere to do what they can to be of service in the highest way possible.
So, how does this (concept of serving the highest good for all) relate to your specific business? There are two strategies I recommend to help you connect this to your entrepreneurial endeavors:
1) Shift Your Perspective: Often in business it’s easy to get wrapped up in the details of your day-to-day operations. You’ve got a new webpage to post, a new product to develop, client calls, an article to write, email to manage and phone calls to return… just to name a few things that are probably on your daily task list. And, when you’re stuck in this kind of detail, it is easy to lose your perspective. All you can see is the task at hand and getting it done.
When this happens, I invite you to take a “time out” (for me, it’s typically a day at the Chocolate Spa in Hershey PA…or quiet time in the hammock on my deck). This intention of your “time out” is to step away from the details of your business and reconnect with your higher vision. Chances are you didn’t start your business to deal with details all day. You started it to make a difference in the lives of others, and to have a positive impact on the world. Too often, this gets lost in the mix of things to do. So, when you give yourself a break, take time to dream of the ultimate service your business (and YOU) wants to offer to the world. There is SOMETHING that YOU are here to do. There is a higher purpose you are here to serve. Allow yourself the time and space to connect with THAT level of service. It will be the driving force for all of your business and personal success.
2) Let the Universe Work Its Magic: I love this strategy. It’s been one of the most effective strategies I’ve implemented this year. And, that is, to not try to plan everything. Too often, as a business owner, you feel driven to plan for every last project that you’ve got slated for the year. This can be a big mistake. Because, in planning out every last project, you don’t leave much room for the Universe to work it’s magic and SHOW YOU what the next steps are for you and your business. I see so many entrepreneur struggling to figure out what to do next, when all they need to do is release their struggle and ALLOW “what’s next” to reveal itself!
I know from my own personal experience, that when I allowed the space in my life (and my calendar) for the Universe to reveal my next steps, I was shown something that would never have surfaced if I had TRIED to plan it. And, what revealed itself was my service to the world through being a voice for conscious entrepreneurs.
So, on your journey of experiencing the REAL meaning of service-based business, I invite you to implement these two strategies (shift your perspective and let the Universe work its magic) so you discover exactly how you and your business are ultimately meant to serve the world.
By: Christine M. Kloser
