Many people want to open their own business but are unable to decide what business they should start. There are many reasons this is happening. The main reason for this indecision could be that the person has not yet found an idea that sparks his interest. Although finding the right idea to start a business can be a difficult task, there is an easy way to make this process simpler.
It’s a well-known fact that people who enjoy their work are more likely to be successful in business. It can be found in many areas of the business. Maybe the owner enjoys selling the products. Perhaps he likes the freedom to make fast decisions. Sometimes, the business environment plays a crucial role in driving business enjoyment. Whatever the reason, it is important to determine what you really want from your business.
Start by setting aside an hour to do some uninterrupted, serious thinking. This mental jam session will help you to create a list that meets your business’s needs. What is the essence of your business? Your business criteria may not be the same as your business. Your business criteria will allow you to filter out business ideas and help you choose the right one to start.
As an example, let’s say Samantha is considering starting her own business. Samantha, in her twenties, has always dreamed about starting her own business. However, she struggles to find a business idea that excites her. Samantha uses the steps in this article to first set aside some time for herself where she will determine the criteria for her ideal company. We will reduce Samantha’s criteria to five items. Here’s her criteria list.
- “I want to work outside in my business”
- “I want my company to be service-oriented.”
After you have created your own criteria, it is time to prioritize each item. Priority values should be high/medium and low. These priorities indicate how important each criterion is for you. Your initial instinct may be to give priority to all items. This approach won’t help you narrow down your business ideas. You should aim to have 30% high priority items, 50% medium priorities items, and 20% low priority items. Now, we will look at Samantha’s example. Samantha analyzed her priorities and her interests carefully before dividing her business criteria into these brackets.
High Priority
- “I would like to start my own business with less than $5,000”
- “I want my business to be run out of my home”
Medium Priority
- “I want my company to be service-oriented.”
- “I want my company to be involved in children”
Low Priority
- “I want to work outside in my business”
Priorities are essential for this process as they help to rank and score potential business ideas. Although you are free to add your scoring values to prioritizes, these values can be a good guideline:
- High Priority = 10 Points
- Medium Priority = 5 Points
- Low Priority = 1 point
Next, you will need to rank and list all of the business ideas that are interesting to you. These priorities will be used to score and rank business ideas. Samantha has identified these business ideas as her favorite.
- Daycare operations
- Swim lessons
- Limousine service
- Graphic artist
- Public relations
Samantha applies her criteria for each business idea, and scores accordingly. She applies the scoring values and priorities she has defined. If a zero value is given, it means that the business idea doesn’t meet certain criteria.
- Daycare operations (0 +0 +5 +0 +0) = 5 Points
- Swim lessons (10 + 10 + 5 + 5 + 1) = 31 points
- Limousine service (0 + 10 + 5 + 0 + 1) = 16 points
- Graphic artist (10 + 10 + 5 (+ 0 + 0,) = 25 points
- Public relations (10 + 10 +5 + 0 + 0,) = 25 points
Take the Graphic Artist business model as an example to help you understand the scoring.
- Can I start this company with less than $5,000? Yes, +10 points
- Can I start this business from my home? Yes, +10 points
- Are you a business service provider? Yes, +5 points
- Does this business have any children? No, +0
- Can I work outside in this business? No, +0
Swim Lessons (31 Points) is Samantha’s best business idea based on her priorities and criteria. Although this might not be the business she wants to start, it is a good example of other business ideas she could consider.
This process is logical, repeatable, and flexible for evaluating business ideas. Prospective business owners can use this process for unique business priorities and business ideas.
If you are interested in even more business ideas-related articles and information from us here at Diversity Global News, then we have a lot to choose from.
