Choosing a business
When you are choosing a business to venture into, it is important to make sure that it fills a need in the market place.
1. You must provide a product or service better, faster, cheaper or more conveniently than its counterparts.
When deciding on a business, the idea, or existing enterprise must give its customers good reasons to use it.
2. You must evaluate the knowledge, skills and experience that any business venture will require from you
There are some industries that will demand substantial skill-sets or experience, where others may only need indirect knowledge.
3. Research how easy it is to enter the market, and how unique your idea is
Ask yourself if this product or service is widely available, and if there are minimal barriers to starting up in the industry.
The success of any business depends on it being able to provide something better, faster, cheaper or more conveniently than the competition. Just being good at something, or having what seems like a great idea for a new product or service, doesn’t guarantee that it will become a sound business.
You need to evaluate your business idea – not only in terms of how clever or unique it is, but also in terms of your knowledge, experience, skills and general market conditions. Use this document to rate each aspect of your business
Click here to download: Checklist for choosing a business (Word Doc)
Click here to download: Checklist for choosing a business (PDF)