The Easy Way to Select Your Next Successful Business Venture
The Easy Way to Select Your Next Successful Business Venture
Are you planning to start your own business some day but just haven't got around to it yet?
Some people have a specific kind of business they'd like to start and spend many years thinking about it. Others are looking simply to quit working for other people and will do almost anything that they feel they might succeed at.
Assuming you do wish to start a new venture then you may be lucky enough to know exactly what you want to do. This is great as such passion is important if you're going to persist until you achieve success.
But that leaves the remainder of us who wish to start some kind of new venture but have no idea what it might be.
Business Selection Made Easy
Something I learned recently when looking for a new business to pursue is that it's well worth trying out a number of ideas on a small scale and seeing what actually works and what doesn't.
I chose a couple of business ideas that fulfilled the following criteria:
They could be started with very little money and effort
I could easily drop the ideas if they didn't show promise early on
They were scalable, so that I could grow them if I wished
I was passionate enough about them to put in more time and effort if they showed signs of potential
By doing this I was surprised to find that ideas I though would almost definitely be successful showed little signs of success. Conversely, some ideas which I had doubts about have actually proved early on to be immediately profitable.
What I've ended up with now is some ideas which I know aren't worth pursuing further but which cost me very little time and effort to find this out. I am really glad I didn't invest a large amount of time, effort or money into these ideas.
More importantly I now have a couple of ideas which I previously wouldn't have invested anything in but which have proven to be profitable from the beginning.
Don't Leave Your Business Selection to Chance
If we also consider my original business selection criteria above I can safely say that I now have a couple of ideas which fulfil the following criteria:
They have proven to be immediately profitable on a small scale
I am passionate enough about them to put in more time and effort
They're scalable, so I can grow the ventures almost limitlessly
I now intend to pursue these ideas further. Due to these small scale experiments I am also safe in the knowledge that these ideas work. This is something that many people don't normally find out until many months of effort and many thousands of pounds have been put into an idea which was probably never going to succeed anyway.
Lesson Learned - Run with the Best, Drop the Rest
I think the lesson to learn here is to start small, try out a few idea which are cheap and easy to try, which are scalable if they succeed and which you're passionate about. Then drop the ones which show little sign of success but run with the ones which prove themselves worthy of further efforts.
I appreciate that there are some ideas which can't be tried out on a small scale and to which these experiments don't apply. However, for many ideas a small scale test is possible and is highly recommended for the reasons stated above.
Ok, it's now time to take action. If you've had an idea or two about new businesses you'd like to start, pick the ones which you can try with minimal time, effort and money. You could use eBay or maybe create a simple website just to see what the response to your new idea is like. Try a few ideas and then run only with the ones which you prove can work.
I hope you found this information useful. Business and niche selection is something that people usually find very difficult to do and it holds many people back. As a result I intend to write more on this subject in the future.
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