The golden rule of pursuing your own small business idea is to firstly think long and hard about the product or service industry that you are considering going into. I don’t wish to fill you full of fear or drive many of you to second guess your startup business idea but let’s not forget that if you want to give your small business the best chance of success, you need to be in a viable arena where you can compete and make a profit. Competing isn’t the only golden rule, there are many others but perhaps one of the most important is to start a business idea that you are genuinely interested in.

Many entrepreneurs are faced with the dilemma of choosing a sector for their startup business. Some consultants would say that you should have the product/service in mind before you even consider starting a business. I would probably go along with that philosophy but in truth, that isn’t the only way to startup in business.

If you are currently in a job that you are thoroughly disinterested in – perhaps you’re selling financial services or insurance to people who really don’t give a damn, the chances are you aren’t enjoying it nor thrilled by the prospect of each day’s new beginning. The beauty of being your own boss is that you have the freedom to choose any sector you wish to start a new venture. While in the past you may have been in jobs that you aren’t interested in, perhaps you even loath each day of work, starting your own small business can flip that feeling on its head, it’s your business – you can choose the direction it takes.

The importance of choosing a product or service that you are interested in shouldn’t be underestimated. In past posts I have talked at great length about having the right personality for business, it takes a special kind of personality to be a successful businessman/women.

How do I choose a business idea that I am interested in?

Start by brainstorming

Look at your current hobbies, sports, activities, interests and beliefs. Make a list of what you have found and find the areas you are most interested in.

Develop the interests further

Take the list you have gathered from the brainstorm and research them further. Find viable product/service ideas by looking at existing businesses and analyze in-depth your take on their current operations.

Spot a business opportunity

Building on your research in the previous phase;

• Have you spotted an opportunity that a current market leader isn’t doing?
• Is there something you could do more efficiently or cheaper?
• How can you add value?

Research the business opportunity

At this stage, if you have found a startup business idea or multiple ideas that you believe could work, the time has come to research them and evaluate whether they can truly be executed. You need to find out whether the business you are currently considering is actually viable. This includes finding out whether there are already existing businesses in the marketplace and whether you can seriously compete with them if that’s the case.

Develop the chosen idea(s) further

Let’s think about how to add further value to your proposition;

• How can you do things differently?
• What will separate you from your competitors (if any)?
• What’s the scope for your idea?
• What are the potential growth areas?
• Is this a shrinking or imploding market?
• Depending on the previous, how can you ensure you really capitalise on the opportunity?

Execute the idea and start the business

Do not underestimate the steps you must take before this point! If you feel you are truly at the stage to develop your business idea into reality, get to it and give it a try. The worst thing you could do at this stage is to shy away from giving it a try, unless of course your research tells you that there really isn’t a viable business opportunity there.

Each and every one of us has interests, hobbies and so forth that we do on a regular basis. This is the best place to start when trying to establish a small business startup idea. You have to ask yourself – why aren’t more of us starting up in business when we could all develop an idea based around our interests?