Tips to Decide on the Right Business Idea: Ask Yourself 4 Essential Questions

right business idea
Entrepreneurial Tips

Deciding on the right business idea can be a difficult task for every woman who wants to start her own business, even for the most motivated women.  You might be having lots of ideas in your mind, but you don’t know how to start and what to start with. You get stuck in deciding the right type of business for you.

The following article will provide you some essential tips on how to make a choice for your home business…

Basically, your business idea depends on the following important questions

Question  1 What do you want from your business?

Do you want second income?

In this case, you can be in the sales and marketing profile by representing another company and selling their products and services. And your business earning is commission based. The advantages here are you do not have to invest in anything and you do not have to work for hours.

Do you want to be a stay-at-home working mom?

In this case, choose a business that allows you to work according to your convenience and flexible timings and you do not have to devote time as a 9-to-5 job. Maybe you can start your own home tuitions or a music/dance/painting/art and craft training school and so on.

Do you want to do something for society?

If you want to contribute to society, you can start doing volunteering jobs or join an NGO and later on you can start your own NGO. This can be labor intensive but it is rewarding.​​

Do you want to be a successful entrepreneur?

If you really want to be your own boss and become financially independent, then you need to be a hardcore entrepreneur where you need to invest, have a team, provide products or services and be in a full-fledged business. This requires a complete business plan with goals and objectives and you should have strong networking skills to expand.

Question 2 What do you like to do?

This is a vital question to answer before choosing a business. When you want to start something on your own, make sure you choose something that you like doing and passionate about. For instance, ask yourself:

  • What do you do in your free time?
  • Do you love cooking, baking or doing art and craft work?
  • If you were in a job, what job would you have liked to do?
  • Are you interested in doing volunteering work?

Question 3 What Are You Good at Doing?

Are you skilled in any hobby of yours? If you know what you are good at doing and you love doing it, this can be turned into your business. Nowadays, most women entrepreneurs are transforming their hobby into a successful business. It can be any hobby of yours: candle making, soap making, stitching, painting, baking, cooking, art and crafting, making handmade goods and so on. Use your talent to start your business. Or, if you have experience in any professional services, you can start your own firm be it in content writing, web designing, accounting and so on.

Question 4 What do you like to learn to do something?

Sometimes you need to learn a new skill or upgrade your existing skill to do something on your own. There are many short term certification/diploma courses or programs available. Take up a course, learn a new skill and turn your new skill into a mode of income for you. There are many new careers you can enter into in today’s time. But, yes, you should have an interest in the same.

Some Essential Tips

Do not make the following mistake

It is not necessary to start a business on something that you already know. In other words, do not choose a business idea on the ground that you know to do it or just because you love doing it. Yes, it’s true that your hobby can be your business but at the same time, you should also know whether your business is viable or not. Besides considering something that you love doing, you should also consider whether your customers would love paying you a good price for it or not.

Build a strong support team

To be successful in your business, a good idea isn’t enough. You should also have a good support team to help you set roll your business. It is your husband, parents, children or other family members, friends and even your assistants, helpers and workers. It’s a team effort after all which improves the chances for success of any business.

Think of your end goal

Last but not the least, start your business with the end goal in your mind. Only then, you can work with great enthusiasm and passion to achieve your goal on time. A right business idea with the right goals can help you achieve success in the long run.

 

 

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