Choosing a Business Idea
Choosing a business idea will be one of the most important decisions you will make for your business. In order to start off on the right foot it is important that you choose to start a business in an industry or field where you have a better chance of achieving success. In order to do this you will need to conduct market research to uncover your communities needs and wants.
Many entrepreneurs make the mistake of choosing a business they have experience or interest in even though there are many competitors and not enough demand for their business. Having experience and interest are two important factors when choosing a business idea but it is useless unless there is a demand for your product or service.
Ask yourself these questions when comparing business ideas
- Is there a demand for this product or service?
- Is there enough supply to meet this demand? Do my competitors have more business than they can handle?
- Do I have experience in this field and if not can I get this experience or hire someone who has experience?
- Do I have an interest in this field?
- Why should customer’s choose my product or service over the competitor’s?
- Can I give the customers what they want while still producing profits for my business?
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