Finding the right business concept that matches your personality is essential if you’re planning to go out on your own. There’s little point leaving a job that you find boring or unfulfilling to start up a business that you’re not emotionally invested in. That’s why it’s incredibly important to conduct a self-assessment, as well as seeking professional advice. This will ensure the business concept you’ve selected is going to be a marriage of your skills and a product or service that’s in demand.
1. Play to Your Strengths
If you’re a people person who thrives off energy from others, working alone as a sole trader will quickly feel isolating and unfulfilling. On the flip side, if meeting new people and making new contacts is something that makes you anxious, a job that requires sales and daily face-to-face interactions might be a recipe for ruin. For example, for those who are naturally good at sales, a business such Telcoinabox can allow an entrepreneur to run a telecommunications company by purchasing telecommunications services at wholesale prices and reselling them to their own clients. A clear idea of your strengths and weaknesses can enlighten you as to the perfect business concept for you.
2. Do What You Already Know
Your business will have a much higher possibility of success if your concept is related to a field that you already know or have experience in. You’ll have less learning on the job, be less stressed, and be able to offer a better service with more credibility. This will bring in more customers, leading to bigger profits.
3. Assess How You Will Make it Work
All start-ups require sacrifices. You need to weigh these sacrifices up to consider if you can confront the challenges and still makes everything else in your life work around the business. This could mean moving back home to save money, working long hours, or financial impacts on your family until the business becomes established. Depending on the concept you choose, some sacrifices will be more acutely felt, so it’s important to choose a concept where the sacrifices you need to make will not be a deal breaker.
4. Observe Trends and Keep a Journal
The best business ideas come from understanding the market and identifying a niche. This isn’t always complicated. It could be a lack of service you notice or tied in with new trends that are emerging. Before choosing your business idea, get in the habit of writing down as many observations and gaps in the market or delivery of a product/service as possible. Then choose the strongest idea based on the market, your strengths, and which concept will be the most feasible for you to deliver.
5. Harness Your Existing Connections and Networks
All successful businesses exist on relationships. When choosing your concept, think about the relationships that you already have, the access you have to influential people, and how certain connections could help your business succeed. The connections don’t always need to be established, but you should think about likely contacts and how they may be able to provide support or act as advocates for your business.
And while you’re at the self-assessment do look up some tips from Founder’s Institute here to find out if you have the entrepreneur DNA: