How do I know if a business idea is right for me? There are many possibilities, many opportunities, but not all business ideas are right for everyone, even if they are profitable ideas. The first step was to see if you could identify your ideal customer base and your value proposition, that something extra that makes you uniquely positioned to meet your customer’s desires.
Profitable business ideas aren’t enough. The business opportunity has to be right for you personally. Either it is a fit for you or you stop right here and look for other profitable business ideas.
You should have already determined that the business idea fits your passions and dreams, gifts and talents. Now you need to verify that you aren’t fooling yourself. Go a little further, you need to think about and ask others, especially your spouse, whether this business opportunity is a good fit for you personally. Does it fit with your personality?
Another way be sure it’s right for you is to look at your past experiences. Do you have the experience that it will take to make this profitable business idea work? If there are weaknesses, do you have a plan to shore them up with additional experience, a partner, a key employee, or other advisors? You can’t afford to start a business with a missing piece. A lack of experience is often the death knell that will sink your business.
What about your time resources? You need to be sure that you have the time to fully pursue this profitable business idea. It will always take much more time than you think. Don’t pass over that statement, it’s more true than you can know. Until you’ve been there and done it you really can’t understand what it takes. Be sure to build in a cushion.
Are your capital resources sufficient to accomplish this project? Just like never having enough time, capital always seems in short supply. You need to understand what your capital needs are and find some creative, hopefully debt free ways to meet your funding needs. My article, Debt Free Funding Opportunities, gives some ideas on how to fund your business opportunity as debt free as possible. It can be done!
For a business opportunity or idea to be right for you, it must fit your personality, you must have the required experience or add the talent you need, you must have the resources to fulfill the requirements of the opportunity, and the time available to devote to the project. If you can’t say yes to each of those requirement, you’re not ready to go. Don’t waste your time and money unless you have the prerequisites in place.
by Steven Schlagel – June 20, 2009