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How to choose your business idea

What are your strengths, your weaknesses, your qualities? And what are you passionate about? You have to take stock of all these factors before going into business. You might think that most entrepreneurs know exactly what they’d like to get into, but that’s not always the case. People who have the makings of an entrepreneur might know they have some sort of « calling » but not precisely where they should pursue that calling.

A few tips …

  • Choose an area you’re truly passionate about.
  • Check daily and weekly newspapers to keep abreast of business opportunities like franchising. You can also check out any number of “business for sale” listings online, for instance quebeccommerce.com, Businessopportunities.ca, and www.acquizition.biz.
  • Analyze your community closely to see if it lacks access to a service or product of some sort. Do people regularly go outside the region for certain purchases?
  • Keep a list of projects, products and services that have been dropped, overlooked or simply unsuccessful or poorly delivered. Each of these holds opportunity.
  • Start by taking a good look at yourself. Ask questions like What’s eating away at me? How could things be simpler…or more enjoyable…or more efficient? Your own frustrations or hopes can shed light on real problems that require real solutions.
  • You can truly re-use or re-apply ideas; if you learn to pay close attention to solutions that others have developed, you’ll come up with your own.

 

Other resources:

Turning your idea into a successful business (BDC)
Low-Cost Startup Ideas (Entrepreneur.com)