Steps to Choosing and Creating the Right Business Opportunity

How to Choose the Right Business Opportunity

Becoming an entrepreneur is the dream of so many people, yet only a select few take the plunge each year. Becoming a business owner involves many steps, yet the first and most important step to take is to select the right business opportunity. Successful business people do not only have a great idea, they have the right idea combined with flawless and consistent execution of their idea. So, how do you choose the right business opportunity for you?

Follow these 5 steps to improve your chances of making the right business decision:

  1. What are your skill sets or areas of expertise? One of the consistent messages given from the best business consultants is to go into a business that closely matches the person’s current set of skills or area of expertise. It is not uncommon for someone to have a passion or hobby that they want to pursue, not stopping to think whether they have the required experience or expertise to turn the passion or hobby into a business. Search for opportunities to cater to what you know, not to what you would like to know.
  2. Search for Repeat Business Opportunities While there are a variety of excellent business opportunities available, start your search for products and services that have a consumer repeat need. For example, a lawn service, a supplement product, a pool cleaning service or even a cleaning service all have the possibility of repeat business from the same customers. It is substantially easier to gain repeat business from an existing customer than it is to find new ones.
  3. Search for a Sustainable Idea There will always be the latest fad or trend in the consumer marketplace and while those ideas are certainly profitable, they are often short lived. When searching for a great business opportunity, consider products and services that have a current need as well as a foreseeable future need. For example, targeting an age group such as the Baby Boomers or children from the age of 5-12 will have a large audience both now and in the future due to the size of both segments of the population. Health care products for both age groups will likely be an ongoing need and area of interest; Baby Boomers will be concerned with their health as they continue to age and with the epidemic of overweight children, products that are aimed at the healthy eating habits or reduction of weight of children will also be a possibility for an ongoing and sustainable business.
  4. Choose a Larger Marketplace If possible, consider products and services that you can offer and sell successfully outside of just your geographical area. Consider products that may be regional, national and international when making your business selection.
  5. Surround Yourself with Talent Building a successful business will take more than your talent alone; in fact, it will take a team of talented individuals. Start your search for team members early and look for talent along the way. Also, in addition to your team, consider seeking professional advice from mentors and business advisors to improve your chances of success in the business that you select to start, buy or join.

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