Coming Up With Business Ideas
Deciding on a Business: What Will You Offer?
Written by Brenda Stokes for Gaebler Ventures
Your business is built on what it is you're offering; otherwise you don't have a business. So how do you decide upon what it is you are going to offer and make sure you are profitable?
Owning a business is both challenging and exciting, but you must offer something for sale before your business can be a possibility.
This brings about an interesting and vital question: "What am I going to offer?"
One way to answer this question is to look at what you are passionate about. However, you then have to ask yourself, "Is my passion profitable?" If it isn't, then you may need to bypass your passion and evaluate what it is you enjoy as long as it makes you money.
Evaluating your interests
When on your mission to be a business owner and to offer something that will make money, evaluate your interests. What have you done in the past that you enjoyed? What jobs have you had in the past that you were good at? Many entrepreneurs own businesses in a sector that they were once a mere employee in, but the joy of the business led them to business ownership.
You can also look at your hobbies. Many make careers out of their hobbies. For instance, you may love books. Because of this, you may decide a book store will be profitable for you.
Some business owners, on the other hand, simply look at what is profitable and that is where their passion lies. Money is their driving force. However, these are the individuals who may lose their motivation during recessions or during periods in which sales are slow.
Earning potential
Everyone who works to start a business is doing so for financial independence. It is rare to find someone who wants to start a business just to have a business. The idea is to be profitable rather than going into debt to work hours on top of hours making the business work.
To be successful, most aspiring entrepreneurs, before deciding on a business, will do market research. This involves finding out how potential competitors are faring in their sales. And with technology, it is possible to conduct polls on the Internet through social networking websites that will enable an aspiring entrepreneur to see what it is the people want.
By knowing what the people want, you are able to offer them something they both want and need and something that will make you a success in an area where many have failed.
Going with your heart
Finally, one way deciding on a business is to go with your heart. You can feel when something is right. If there is any doubt, then you should follow what you feel. However, don't let emotion run all of your decisions. Many entrepreneurs have failed due to making emotional decisions. You must let your mind in on the game by asking yourself questions and going with what is also sensible.
When your mind and your heart agree, then you know you are deciding upon a business that has the potential to succeed. You can then take your earning potential to the limit, but make sure you are always adding new goals to keep the business interesting and to keep your earning potential in tip top shape.
Brenda is a graduate of California State University and a professional writer covering a variety of business topics. To learn more about Brenda, check out her website at The Digital Inkwell.
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