Can’t Decide What Business to Start? No Problem, I’ll Share with You some of my ideas!
Thinking about a Hot Business idea is one of the most difficult challenge for most people. But before you start, let's think about why you would want to start a business? Is it because of Money or is it because of Passion?
I love chatting and talking to people surround me about choosing a great business idea because it's one of the most exciting and fundamental parts of starting a new business. It's critical that you take time to examine through your idea and that's to become your future self. When you go into business, you have to look at the idea or opportunity driving it from a different angle that you might be assuming. Most people wrongly choose a business based on one or two personal biases.
Before you start any business, be it for Passion or Money. There's a few things and questions you'll need to run through in your mind.
- Is the business already known? Eg. Pets shop, cafe and restaurants (The exisitng and commonly run businesses)
- Is it a service / product that is demanded? How demanded? (Is it something people love or need?)
- Are there a large percentage of repeat buyers?
- Is it a high or low profit margin business? (How high are your overheads?)
- Are there a large percentage of repeat buyers?
- Is it a high or low profit margin business? (How high are your overheads?)
Before we get started, let's clear up one point: People always wonder when is "a good time" to start business when they already have the idea all along. The fact is, there's never really a bad time to launch a business. It's obvious that there always economy downturn and you will never heard of any "upturn". There are alot of people who have money and are always looking to invest in greater business ideas. You just gotta work smart, and ofcourse work fast because the business market is always changing. Buying patterns are different every now and then especially with online e-commerce platforms. If you want to start a business, you gotta start now because people these days are clever. In anytime or any day, you might realized someone else started the idea you thought of and even much successful than what you've probably thought of. Packed your ideas, and find good resource to start ASAP.
Everyone has their own roadblock, fears or mindset that stops them from moving forward. Most people are afraid to start, fearing failures or even success. My advice is start somewhere, but make sure you don't have too much overheads. Ultilise of what you already have, start small and grow steadily.
On the other side of things, choose your target audience / customers. This will save you a large amount of advertising fees on marketing, finding the right customers.
Determining what you want to do is the first step, you gotta do alot of homework and put in alot of effort in researching and everything else. Most important: Do something, don't sit there for years and regret after that.
Time to plan some New Year 2017 Resolutions, two months to go!
Hope you've enjoyed browsing through my Blogpost!
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♥ Thanks for reading as always!
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