5 Ways To Know You Are Starting The Right Business

business tips Mar 16, 2021
5 ways to know you are starting the right business
Previously published March 14, 2019

It seems, these days, that everyone is looking to start a business. {And I’m here to tell you that it’s not for the weak at heart!} But are you starting the right business?

If you are seriously passionate about something or have a particular gift or talent that could potentially make the world a better place, then here are some clues to know that you are on the right track to starting the right business.

 

5 WAYS TO KNOW YOU ARE STARTING THE RIGHT BUSINESS

 

1. WHAT IS YOUR PASSION?

I believe everyone was born with a particular desire for something special. Even if you share that desire with many people, it’s unique with each individual.

Baking and eating was always a passion of mine! I took anything sweet in my parent's kitchen and concocted an appetizing treat from the ingredients. I sold pound cake loaves, cake slices and cupcakes for extra money and I even became the go-to cake baker for birthdays in the neighborhood.

Baking was my passion and that fire never left! It burned more fiercely in my heart even through all of my many career endeavors throughout the years, until I came full circle back around into baking as a career.

You must tap into your inner child and figure out what makes you MOST happy.

Related Post: Take Action To Live A Life Of Happiness

Maybe it is a unique talent that you may have? Such as, making people laugh, creating a masterpiece out of scraps, solving problems for your friends or even getting animals to obey your commands very easily. Whatever it may be, that is a starting point to figuring out your next business idea. Because if you aren’t truly good at what you do or EXTREMELY passionate about it, you will have a hard time persevering through all of the tough times that will lie ahead, if you are in it for the wrong reasons.

 

2. ARE YOU SOLVING A PROBLEM?

Some of the greatest business ideas come from the need to solve a particular problem in someone’s life. Maybe there’s a business that someone else has started and you see a way to improve upon it and create a better, more useful product or service.

Let’s face it, there were plenty of bakeries around for Rob and I to get cupcakes from, but not many that sold a large variety of flavors. Being the major foodies that we are, we decided to open a cupcake bakery, with a large variety of cupcakes, in our own neighborhood. Even if it was just to satisfy our own needs, but we knew others would be interested in it as well. And how did we know? We did our own market research analysis to get the idea.

 

3. IS THERE A NEED FOR YOUR BUSINESS IDEA?

Sometimes we think the ideas that we come up with is the best thing since sliced bread! Only to find out, no one else wants the bread you are slicing.

Before you invest time and money into a new business venture, do a little market research to see if consumers even want your product or service.

SAMPLE WAYS TO CONDUCT A MARKET RESEARCH

  1. Talk to friends and family.
  2. Hand out samples.
  3. Give free service in exchange for honest feedback.
  4. Conduct a focus group with a diverse group of people.
  5. Online survey.

Market research is an imperative step to take before starting a new business or even expanding within a current business. Skipping this step could be a very costly mistake.

 

4. ARE PEOPLE WILLING TO PAY FOR YOUR PRODUCT OR SERVICE?

Let’s get one thing straight, EVERYBODY loves ANYTHING that is FREE!

Have you ever used a “free trial” service that you thought worked great? Did you continue to purchase….hmmm? Or grabbed a donut from the conference room during a meeting and thought that it was the very best donut you have ever tasted, and later continued to patronize that bakery? NOPE! Don’t feel bad about it, it’s simply human nature. We tend to think very highly of something very quickly, that we didn’t use our hard earned money for, but we think a little more carefully when we actually have to purchase an item or service.

So, please, don’t only go by the reaction from people who receive your product or service for free. You MUST follow up with one simple question. “Can I sign you up for your next order?” Now, listen for the reaction. THAT will be your true answer to the above question.

 

5. CAN YOUR BUSINESS IDEA GROW INTO A SUSTAINABLE INCOME?

I don’t know about you, but I don’t do FREE for long! It may be a necessity, in the beginning, but you need to know if your business idea has growth potential.

Find other businesses that are similar to yours and look at the business model. Research when and how it started and where it is now.

You are going to work your buns off getting your business up and running. You want to make sure that you have the potential to get out of it what you put into it.

And trust me, you may not have all of the answers in the beginning, but if you have good, solid answers to the above questions and follow the steps, you will be on the right track. You will learn as you are working the business and meet other like-minded people that could help you along the way.

If you truly start your business for the right reasons, you will find the right path you are meant to be on. Trust me, it has happened for us and it will happen for you!

Have fun on the journey and much success!