“Hi Google, I Want A Business Idea, please help me out, show me the best business ideas”, thousands of people are praying from the heart every day because people want a perfect start-up and high profit.
I can’t remember how many times I searched for a unique business idea in the past. I find tons of blogs on this topic, but almost all of those are more or less copy-pasted blogs to each other with grammatical and positional changes. I mean, you’ll get a common list of business ideas everywhere. But no one tells you how to choose the right business that suits you!
To be honest, the list of general business ideas can’t be altered, because those are the basic forms of business. A unique business idea evolves only when you’ll be able to mix them up and capture the juicy part.
In this article, I am going to show you, how and when you’ll become able to criticize an area and find out the most profitable business idea that suits you.
The methods are simple, but most of the time people avoid those, and as a result, they get puzzled.
Finding A Business Idea: The Strategies
You need to be very wise while selecting a startup business, especially if you don’t have a lot of money to invest there. This is not a matter of getting sparkled by the success news of others. You need to read yourself first, then proceed step-by-step.
The first criteria are about your passion, and the second one is your expertise. You must have a passion or expertise in your chosen business idea.
Strategically you need to ask a few questions to yourself before choosing a business.
- What is your passion or interest?
- Does the chosen business idea matches to your passion?
- What is your expertise?
- Does a chosen business idea fit your expertise?
- Are you started hating your day job and ready to start your own business (if you are an employee)?
- Are you really willing to leave your present job and ready for your own business (if you are an employee)?
- Can you invest enough time in your new startup business?
- Are you willing to run your business aside from your day-job, or are you willing to be full time from day 1?
Answers of the above questions will provide you a basic idea about your passion and expertise. So you should look for business ideas only from those segments that you disclosed here. That means you have been able to cut off a big area.
You also noted here, whether you are ready to leave your job right now or you want to run your job and business together. This is very important. Because it is not possible the run most of the businesses besides a day-job. This is possible only in a few classes. The amount of time you can invest in your business is definitely a major fact.
After focusing on a specific business area, you have to think about the capital. So another set of questions for you —
- How much capital can you invest in your startup business?
- How much profit you are expecting initially?
- How will you back up yourself, if you are running out of money in the middle?
- Will you get an investor in case of any urgency?
- Are you looking to invest your savings or looking for a startup loan?
You can’t earn money from the first day of your business. In your day job, your payment gets counted from the very first day. Or, if you are the owner of a stable family business, you can expect profit from the very first day. But this is not possible for a startup business.
When you are looking for a start-up business, you have the build-up the business first to earn revenue from that. You may need 1-3 years to receive a stable income from that business. The required time depends on the type of business and your effort.
So, for a start-up business, you need to invest money, invest time, and at the same time, you need to have a good backup. In some cases, you may need the help of an external investor. From the above questions, you get a clear idea about all these capital related issues. I suggest you note it down.
The final one is the land requirement. You have to answer only one question here,
- Do you have enough land to launch a business, or you are looking for landless options?
In the first phase of questions, you figured out your interest and expertise. Maybe you have several interests or expertise.
In the second phase of questions, you figured out the amount of capital and time you can invest.
This section will answer you whether you have (or can arrange) land for your business or not.
So it’s time to finalize.
Now you can check out 10 Most Profitable Small Businesses you can start anytime.
If you have land and if you are interested in an offline business from this list, you can proceed with that. All the business ideas in this list are profitable, you just need to calculate the required investment. If you are facing any problem, you can post a comment below, we shall help you out anytime.
If you can’t afford land, you have to try an online business.
There are a worldwide market and huge scope in online business. Every day more than 5 billion people are surfing the internet to solve their problems, and anyone may become your customer.
BUT, you should start an online business if you have an interest. You may not have the required skills because there are awesome platforms to learn everything from scratch, but you positively need the interest to start and run an online business. An online business needs low investment, but you should know, it also needs time to achieve success (at least 5 months- 1 year, depending upon your effort).
I personally started an online business because several criteria matched to my choice. I didn’t have land to set up a factory, I didn’t have too much savings to invest, and most importantly I was interested in online marketing mainly to convert my passion into profit. Besides, initially, I didn’t have the option to invest full-time for my business (I was involved in day job), and so an offline business was an unmatched option for me initially.
Although all criteria matched well, I didn’t have any experience or expertise in online business. I find it was not possible to succeed in this field without proper knowledge. I started losing time and money with my zero-knowledge, but I didn’t give up and was waiting for a breakthrough.
Finally, I was lucky enough to find out This Platform after a few failures, where I learned everything about online marketing step by step and started achieving success. I never turn back again in my further journey
As a summary, everything matched well for me to start an online business which did lead me to success. I suggest you not to step in blindly, rather you must check out your criteria before start-up.
You were searching for something like “I Want A Business Idea”, right? Years back I also searched for something similar, and many people are searching for the same day and night.
This article may not offer you a list of business like other blogs, but I hope you learned here the perfect way to select a business that exactly matches your needs.
You’ll get a lot of business ideas from the bloggers’ post, but I guess no one will guide you for a perfect match. And if it doesn’t match, you can’t love your business just like you don’t love your job. So I strongly suggest you move on with this guidance and choose your business.
If you have any further queries, you can ask anytime in the comment box below. I’ll be more than happy to offer you the right suggestion.
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Dr. SD is an aspiring Internet Entrepreneur who started his online business besides his day job. He is presently a Full-time Affiliate Marketer at Wealthy Affiliate, a community to help anyone start their own online business without prior experience. He received the full courses on the platform and started several online business one-by-one. Read more about his philosophy and his story here!