Simple steps to choose the right business idea
A solid business idea requires creativity, planning and soul-searching. Use these three tips to choose the right business idea.
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1. Focus on your skills, experience and passion
Go with what you already know or don’t mind learning fast. You don’t need to be an expert right away, but leveraging skills and experience you’ve gained can increase your chances of success.
Ask yourself whether you’re passionate about running this company. Without that drive, it may be hard to stick it out through tough times.
2. Evaluate business-lifestyle fit
If balancing work and family life is important to you, then avoid businesses that could require working 60 hours a week. If you hate being stuck in an office, then look for businesses that can be operated remotely.
Matching the business idea to your lifestyle can prevent burnout.
3. Test your idea
Before jumping in, make sure you’ve done your due diligence. Ask yourself: Is there enough demand for the product or service in your market? Can you afford the startup costs? How will you stand out from competitors?
No matter what business idea you decide to pursue, it’s smart to write a business plan that details your goals and how you plan to achieve them. A business plan forces you to examine the validity of your business idea, giving you a better shot at success.
By Steve Nicastro, NerdWallet - @StevenNicastro.
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