Is your business idea a good fit for you?Oct 12, 2021
No matter how great the idea, if it doesn't fit your life, your resources or your needs, it’s not going to work out in the long run.
A few things to keep in mind as you work through your list of ideas and work to narrow it down.
- Startup costs – Will you be able to raise the capital needed to fund the business startup and however long it take to turn a profit.
- Profit margins – how much room for error is there? Razor slim margins may work at high volume for an established business, but when you are just starting out you need room to absorb the costs of mistakes and the learning curve.
- Future outlook – is the market going to continue to grow or is it a short term market? Can your customers pay for your product or service, will they want to? Is there possibility to expand your offerings into this market over time?
- Lifestyle impact – what will it be like to run this company? If you want to be home on evenings, weekends and holidays with your family, opening a restaurant is a poor fit for example. If you don’t like public speaking, then a coaching position that requires speaking engagements won't get off the ground for long. Think about how the business will look in three of five years and if its something you will still want to be doing.
- Scalability – is there room to grow? A business that is purely dependent on you and your skills can only grow so big before you run out of hours in the day. So is the business scalable? Can you train others to do what you do? For example, selling your handmade products may start out well enough, but once demand surpasses the amount you can personally produce – what will you do?
There are so many great ideas for what your new business could be, you can be selective about which one will make you happy in the long run. Be honest with yourself, and really evaluate your options with a critical eye, to make sure that the idea you choose will be successful, AND create the lifestyle you want, at the same time.
If you are starting or growing your business make sure you check out the One Step Empire podcast where we walk you through one simple step each week to build your empire.
We also have a FREE download for you of our Vision Board Kit to take your biggest dreams and goals and make them into your reality.