What are the Best Business Ideas?
Many lists that provide the “best business ideas” may actually be totally useless to you. If you’re searching for the best business ideas, just be aware that there are so many different business industries and business models. In fact, there are probably as much as tens of thousands of possible business models as there are so many businesses in the world, and each business itself is unique to differing degrees from others even their direct competitors. Therefore, with so many different kinds of businesses, and new kinds of businesses increasingly emerging due to shifts in technology and productivity, it can be so difficult to give an authoritative list of the top business ideas.
Moreover, you will have a unique set of skills, interests and experiences, so the best business idea for you will also be unique to you as an individual entrepreneur.
Thus, in order to help you find the best business ideas for you, it’s preferable to give you a set of questions and criteria that you can use so that when you are proposed a new set of business opportunities, you can easily decide for yourself which from these are the best business ideas for you.
Criteria to Find the Best Business Ideas for You
Whenever you are presented business opportunities, you can use this criteria to ask yourself whether the biz opp actually satisfies them. Those biz ideas that do provide a positive answer for all the following criteria will probably be the best ones for you. However, if you come across ideas for business that do not fulfil these criteria, then you should seriously reconsider whether or not you want to invest your time, money and energy into this venture, as you’re probably better off with a biz venture that does fulfil these criteria.
Profitability is the bottom line for all businesses. Sure, there may be some businesses with social goals or environmental goals too, but in the end, profitability is highly significant for a business in order for it to survive.
When a business idea is proposed to you, ask yourself and do research on the extent of the demand for the product or service. On the other hand, also do research on the supply side, which means assessing whether there is plenty of competition or little of it.
Another factor you should consider in finding the best business ideas is to look at sustainability. Is this kind of business just a short term fad that will easily die out, or is the industry on an upward trend meaning likely success for the business? Also consider how the business will get ongoing business on a monthly basis and how you will retain customers in 1 year’s time to 5 year’s time, so that the business will truly sustain itself.
Also consider the scalability of the business. Many small businesses stay small, but yours shouldn’t have to. How big can you grow your business? The larger you can grow it will result in more impact and returns for you. In order to determine the scalability, be sure to do research on the market’s size, as large markets will enable you to scale but small, micro-niche markets may be too difficult and your biz will stay small!
4. Passion & Interest
While the business and economic factors are important, your personal attributes will also be significant because at the start up of the business, much of the success of it will depend on you and your initiative. Therefore, the best business ideas will be those that you actually take an interest. It’s even better if you’re totally passionate about the business, and you are so enthusiastic about the products, services and customers of the business that you are happy to get up in the morning everyday to work on the business.
5. Skills & Experience
You should also consider your actual technical skills and work experience associated with particular business ideas. If you have plenty of knowledge and expertise in a specific business industry, then businesses in that industry will come more naturally to you. Whereas, if you get involved in a business in which you absolutely have no experience, you may find that you have a steep learning curve to climb, which may waste you time, money and energy, and you may be better served building up a business in which you already have some knowledge.