Summary: The Ideal Business Venture

For most entrepreneurs, leaving a secured job with a predictable income can be very demanding and daunting. The uncertainty that comes with that decision is enough to make them cringe at the idea of starting up their own business. But alas, once the mind has been made up, the next thing to think about is selecting the ideal business venture to pursue.

Before settling for any business idea there are a few things to keep in mind. Although often overlooked, these factors are highly critical and they include; cost, industry profile, marketability and income potential.

Cost is often the most important of all. This may include the total initial investment, the initial income needed to set up or to run the business; this may be a few hundred to many

Does your business avail you to certain services or products that can be marketed to your potential target market and customers?

Industrial Profile: Is your business fairly new or has it existed in the past under a different setup? Your industry profile is a good indicator of how well your business venture will be accepted in the market you are hoping to break grounds on. A good way to build an industry profile is to engage in market research, where you compile a list of questions about your venture and ask them to your potential customer base and target market. This will give you a fair idea if your business would be relevant or not.

Income Potential: Does your business show any promising signs of breaking grounds? Can it sustain itself once you set it up? You want to be independent when running a business but surely not broke or bankrupt. Your business should be able to earn you enough money to either improve or maintain your current lifestyle.

Thus, if you are looking to start a new business or to properly run an existing one, these 10 tips can help you start and run a successful business

Listen to Your Customers: You are in business for your customers, they are basically the lifeline of your business. So, it is only wise to listen to their thoughts and opinions about your business. They may have better ideas of how you can improve your products or service delivery.

7. Get Help: Do not prioritize profit ahead of the smooth running of your business, if you require extra hands to run the business effectively then look to employ someone. Ensure you get help if you absolutely need one because starting a new business can sometimes be very tasking.

8. Be Open to Change: Your initial plan may not always be the best. Times change, people’s needs changes and the world will always continue to evolve. Endeavor to move with the trends and adapt with the prevailing business environment or else you will always be struggling to keep up.

9. Be Unique: Most times ideas that deviate from the norm tend to be the best ones. Do not be afraid to make your business stand out with your own unique ideas and approach.

10. Study Your Business: Find out all that you can about your business. Connect with people in your industry as they can give you valuable ideas and insight about how your industry works. You cannot sell computers if you have zero ideas about how computers operate, at least on a basic level – never stop learning about your