While many people want to start a business and become their own boss, they are held back from taking action because they don’t know what kind of business to start. Not knowing where to start, most people choose to remain where they are and not take the risk.
Use This Business Equation
However, if you do want to take the leap and become an online business owner, finding an idea for your business isn’t that difficult. A business idea usually is a result of the following
A topic you’re interested in + people you like and want to help + a problem they have + a solution you can provide to the problem, which you’ll package into a product or service of your choosing.
If you already have a business idea, then all you will have to do before you get started is to validate your idea, which you’ll learn about in my article – what are your skills, experience and expertise. However, if you haven’t found an idea yet, you’ll need to start questioning yourself. First, you need to reflect on your interests and the lifestyle that you are hoping to attain, as well as reflecting on your natural strengths and the skill set you already possess.
Determine What You Dislike About Your Current Job and Lifestyle and What You’d Like to Change
There must be one thing, or many, that you don’t like about your current situation. Maybe you don’t like the lack of free time in your life, or perhaps it’s the commute to work that has you down or even being told what to do, or possibly the lack of a sufficient income.
It is essential to be specific when defining what it is you are trying to escape from so you can avoid recreating it in your new lifestyle.
For example, if a significant issue for you is a lack of free time, then you shouldn’t opt for a business model that will require an equal amount of your time, like freelancing. Instead, you need to choose a model that will generate passive income.
What Do You Like About Your Current Situation?
Not everything is wrong with your current situation. Maybe you enjoy the relationships at your work and working in a team. You probably appreciate the fact that you don’t have to think about your work after you’ve clocked out.
It’s good for you to know what you like if you want to be able to reproduce this in your online business. For example, even if being a web entrepreneur means working by yourself most of the time, there different ways that you can add social occasions to your new entrepreneurial life. You could share working space with other entrepreneurs and freelancers. You could also attend “Meetup groups” in your field and meet up with other like-minded individuals occasionally.
Figure Out Your Main Interests Are
Naturally, there will be topics and activities that are more appealing to you than others. There are probably specific conversation topics that you feel more enthusiastic about, and there are probably some subjects that you are curious to learn more about. If you are planning on creating a blog, or even if you aren’t, you’ll need to think of a topic that you could write about every day, without growing bored. To determine this, you’ll want to ask yourself the following questions:Which section in the book store do you head to first?
* When you’re waiting at the doctor’s office, what kinds of magazines do you read?
* Which TV channels do you watch the most?
* What kind of news stories do you read online?
* Which classes did you enjoy the most in school?
* In your free time, which activities do you like to engage in?
* Are there particular websites you like to browse?
Obviously, it’s essential to choose a topic that you’re interested in since it will become a part of your daily life because if you don’t, you’ll soon get bored. Over time, you might discover that your interests are slightly different than what you initially thought. Sometimes, there are activities that you enjoy more like a hobby, but not necessarily as a job.
To avoid this mistake, take some time to explore your topic and write about it for a couple of weeks to see how it feels before you choose to dedicate your time and energy into turning it into a business that you may not enjoy.
If you aren’t able to think of something that interests you, then it’s time to explore. Go out and participate in new activities, attend events that you usually wouldn’t go to, and take some time to learn a new skill. Think about something that you have always been curious about, and talk to others who are already engaged in the activity. Also, be curious about the people you meet. Ask them about their jobs, projects, and interests. It might be a bit uncomfortable at first, but it will be something that will help you generate new ideas.
Determine Your Strengths and Talents
This isn’t about the skills you have, but rather your natural talents and strengths that aren’t things that you gained through experience and practice. These are the activities that come to you naturally and more efficiently than others. You might be good at writing and playing with words, solving problems, performing manual tasks, or analysing concepts.
Determine Your Natural Weaknesses
It is essential that you don’t think of a weakness as a lack of skills, because you can learn skills. Your “natural” weaknesses are aspects that you feel less at ease. For instance, you may not have a well-developed sense of aesthetics, or you struggle with staying organized.
To be successful with your new online business venture, you will need to adopt a growth mind-set and a desire to work on your weaknesses to improve yourself continually. However, it is still necessary to acknowledge your weaknesses, so you don’t choose a business model that will make things unnecessarily tricky in the beginning.
What Type of Personality Do You Have?
Certain aspects of your personality will determine what will bring you more fulfilment and joy, in the same way, which your talents and strengths will. An easy way to explain the role that personality plays in determining your business idea is to consider the differences between an extrovert and an introvert.
An extrovert is more likely to enjoy social gatherings and networking events than an introvert would. On the other hand, an introvert probably wouldn’t mind spending many hours working alone. A shy person may have a problem being in front of a camera, while someone who is more active might prefer to move around more, instead of sitting behind a computer several hours a day.
What Are Your Skills, Experience, and Expertise?
Other things that you need to keep in mind are your skills and expertise. These are the abilities and knowledge that you have acquired over time at work and through other activities.
It will help you move faster in the process of starting a business if you choose a topic around your current skills and expertise since you won’t have to spend time acquiring new skills and related knowledge. However, this isn’t mandatory as you can always learn.
Finding Your Niche
Once you’ve determined a topic that you are interested in pursuing, you’ll need to get more specific as to which aspect of the problem you want to cover. A niche topic is a narrower category within your topic. For instance, if you choose photography as your topic, you might select outdoor photography rather than general photography. Picking a niche topic versus a broader topic will help to increase your chances of operating a successful business because the competition won’t be as prevalent.
Starting a business around a broad topic is a common mistake that many new entrepreneurs make. It can be challenging to compete for attention and market share with companies that are already established. By choosing a narrower, more specific topic, you will increase the likelihood of standing out and getting noticed. It will also help you build your authority in the field to generate revenue faster.
If you aren’t sure which topic to pick, you might want to consider one of these categories that have proven to be profitable.
* Personal development
* Health and well-being
* Business and finance
There will always be space to enter one of these markets since they correspond to the needs of that many people want to satisfy or common problems that they want to solve. You can choose a niche within one of these broad categories.
This article is an extract from:
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