How to find your ideal Business

First of all, we should define what an ideal business is. In my opinion ideal, is a business that it is both enjoyable and profitable. People try many businesses, miss one or the other and end up failing. This means, it is very crucial to find what is the ideal business for you and eliminate ideas that don’t suit you. Bear in mind that I am a Civil Engineer, so I am as practical as it gets. Don’t expect woowoo kinda stuff, I’ll leave that for the Tony Robbins of the world.

There are four main aspects that you have to examine. Obviously, there are a lot more variables, but here we will cover the basics. In future articles I will write about this subject with more details.

Let us start.

What are you good at.

Write down all the skills that you have. Where are you good at. Or where you are quite good and willing to improve. Nobody, started as a master and I am the last that believes in talent and natural ability. I believe in hard work, dedication and practice. These skills could be something you have a degree or something you do for a long time. For example coding, selling, graphic design , writing , painting etc. Include skills that you may think that would never make a business out of it. Google it and you will find someone that makes a ton of money. Now it’s time to eliminate.

What you enjoy doing.

Notice that I don’t write about passion and being passionate. I think that this notion is overrated and a lot of times misleading. I have a huge passion for Heavy Metal music, but it is very difficult to make a profitable business out of it. Just think what you like doing. Do you see your self doing it for the next 10 years and feel good about it? That’s enough. Many people argue and I would mostly agree that it is even enough to love the process of making a business and don’t care about what the business is about. Of course, it would be great to make your passion your business, but don’t stress over it, just chose things that you like. Sometimes, mundane, overlooked skills can provide you with a wealthy living and on the other hand, if you monetize your passion are you sure that you will be as passionate afterwards? Just food for thought. Hopefully you have erased some ideas, so we move on.
Business is fun as you can see, but it has to be also profitable.

Is there a Market?

You don’t have business, unless you have customers, right? So, you have to see if there is a market for your potential business. Market research is a whole science, but for starters examine if your offer whether that is a product or a service solves a particular problem in the market. Your customers will buy your stuff if you help them with an irrational passion or with an unbearable pain. I use these two adjectives to show that the bigger the problem the more value they will see in you and the more they will pay for your product or service. Let me tell you a story from arguably the greatest copywriter of all time, Gary Halbert. They asked him what does he want to make the most successful burger house in the world. The best meat, the best recipies, the best chefs, the most money for ads , what? Do you guess his answer ? Look at the picture below.

Image source 1
Find your hungry crowd and you will be rewarded. On one condition…

Are there Money ?

Do your potential costumers have money and are they willing to pay? Or do they pay for similar products or services and how much. You may have the best thing in the world but if your crowd doesn’t have the money to pay, so that it is profitable for you, it’s good for nothing. I think this is where the most mistakes are made. People target groups that in the end cannot financially support their business. If you want to make a profitable business you have to go where the money is. Here’s an example. I had a client that made a café next to a university. Beautiful café , great coffees and spent a lot of money making it. She found out that students sat for hours having ordered the cheapest coffee. After less than a year she lost her money and closed the place. Unfortunately, that was logical. Students, have little money. They buy the cheap coffees and usually nothing else. Now, imagine she would make a café for executives, next to a big bank. She could easily charge premium for her coffees and clients wouldn’t care and they could have ordered snacks or sweets along with their beverages. That sounds like a successful café , what do you think?

That was it, hopefully you have crossed out enough ideas and left with a couple of them.
Next step is a more thorough market research, but this will be the subject of another article.

And until we all find our ideal business,
Be healthy , smile and Steem !

PS: Now, that you’ve reached the end of this article about finding your ideal business, I suppose that you know what you could do and that is upvote, resteem and follow, because this way we can create more. Right ?

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