Select A Business Idea

Armed with a list of business ideas, you are now ready to select a suitable business venture that suits you. Generate some business ideas here if you have not done so.

Take 15 minutes and use this specially designed spreadsheet to determine which business idea best suits your needs.

Consider these carefully as well when picking the best business idea:

  • Personal considerations
  • Business Considerations

Business Considerations
Before deciding which business idea to go with, consider if there is a market for your product or service, and the capital requirement.

Is there a market for your product or service?
Simple demand and supply theory. If there is no significant demand for your product or service, then you are clearly wasting your time and money.

Ask yourself these questions:

    Who will buy my product or service?
    Why will they buy from me rather than my competitor?
    What is the market size?
    What is the supply for similar product or service? Is there an over-supply?
    Is this industry growing?

Capital Requirement
Be realistic and find out how much capital you can raise. Your sources of funds at this point should include yourself, friends and family.

Make a list of your assets and determine if you have enough to start. If not, are there other sources like government aid or grants?

Search them out.