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Starting a Business? Find the Right One for You

Updated on November 17, 2015

So you want to start your own business—that’s wonderful! Perhaps you already know that the hardest part of wanting to be an entrepreneur is choosing the right business idea—and it is hard because not every opportunity is your opportunity. Just because someone you know is becoming increasingly successful in his laundry business, doesn’t mean it will be the same for you.

Sounds a tad harsh? Well, not really. You have to accept the fact that majority of entrepreneurs fail. Even Forbes Magazine confirmed that 8 out of 10 entrepreneurs fail within the first 18 months of starting their very own businesses. Why? Simple: poor planning, unready products and services, poor location, and people crashing and burning. Then again, these are the inevitable rough waters of startups that you need to navigate.

To help you get started on the right foot, you must first think of the right business for yourself. You have to consider your interests and your passion. Do you have a hobby that you can convert into a business? Maybe you have a skill that you can earn from it. There are so many sources of business ideas and I have listed some ways on how you can come up with the best one.

1. What’s your hobby?

Are you into photography? There are so many photography niches that you can focus on and make money from it. You can try baby or pet photography. Also, people are getting married left and right, so wedding photography is also very viable. Perhaps you love surfing which is something you can also turn into a business by offering tutorial services. You see, you get to do the things that you love while earning from it as well.

2. Attend expos and trade shows.

Trade shows are great sources of business ideas as companies and organizations usually showcase their products and services at these events. And since expos are usually targeting a specific market, it will also help you find opportunities in that category. This is because most of the time, our idea of a business is too broad that we find it hard to concentrate and focus on how to get it started.

3. Think of a problem that you can solve.

A lot of great businesses got founded because they help solve particular problems. For example, Fedex came about because of the need for a quick delivery service. You can do the same thing by finding problems you can solve within your job, family, and other existing businesses. Then study it well to check if it will be something that people will be willing to pay for.

4. Learn a new skill.

Sometimes to start a business you will need to learn new skills. Especially if it’s a business that you can do on the side. Take for example computer programming. Did you know that mobile apps are a multi-million dollar industry? If you can create a very interesting and unique app, you’ll be able to make a lot of money from it. For you to be able to do this, you will have to learn how to develop your own mobile app as well as how you can effectively market or promote it. You can enroll in a formal class or you can opt for the free way by looking for readily available resources and guides on app development and marketing.

5. Go out and expand your experience and interests.

Great ideas can sometimes just come out of nowhere, even at times we least expect them. You will have higher chances of coming up with your own amazing business ideas if you get to experience a lot of different things. Start getting out of your comfort zone and try things you’d normally wouldn’t do. For example, if you are scared of talking in front of people, if given the chance, try speaking at an event. Understandably at first you will feel awkward but over time you will feel more confident and you’ll become a much better speaker. And who knows, you might become a successful and well-paid speaker.

Great ideas come to those who seek it.

You don’t have to come up with a business idea that will change the world. All you need is that one light bulb moment that will get you excited and make you want to exert all your powers on turning it into a reality. After all, you’ll never know until you give it a shot.

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