Part 1 of 4 in starting your own business venture.

Are you running around with many ideas in your head on the many different businesses you would possibly start… if you could only settle on just one?

Ugh! I know the feeling. You can’t concentrate, you can’t focus, and you can’t even sleep because you’re so full of it. Pun intended…

In my experience, it took a while before I finally found what would work for me. And for the moment, let’s not even talk about all the fears and negative mind blocks that kept me stagnant instead of getting started on my idea once it was firmly planted in my head. 

But before you to move on to one of the many ideas that’s been brewing in that brain of yours, it’s important to recognize that there are 5 key components of a perfect business idea that could possibly lead to a thriving business.

So let’s put your idea to the test. Measure your idea against these 5 key components below.

#1 – YOUR STRENGTHS

First, your idea should incorporate your strengths. And starting a business you love and thrive in should highlight them. If you choose to build a business without taking your strengths into consideration, you’ll have to constantly rely on many other “experts” to move your business forward. So be the strength in your business!

Jot down 3 traits that you embody that will help you decide where you place your efforts. And, enlist the help of your family and friends as well. Ask them to tell you about your 3 best qualities, and don’t be surprised if you find a strength that you didn’t know you had!

#2 – YOUR SKILLS

Second, your idea can incorporate many of the skills you probably use in your current job, or even skills that were self-taught. For example, as a nurse with a love for graphic design, you may want to start using those skills you have in Illustrator, Photoshop or web design to build a business you love.

Jot down a few of your skills. Examples include: documentation, grant writing, patient education, research, networking, customer service, social media, graphic design, etc.

#3 – YOUR INTERESTS

Third, don’t forget about your interests. After all, if you won’t enjoy what you’re doing, you probably shouldn’t be building that particular business at all, right? So think about it. What makes life fun for you? If you COULDN’T get paid for it and were forced to work at one thing for the rest of your life and you had a choice in the matter, what would it be?

This may be the most telling and also the most challenging when deciding if you can make money doing it. But go ahead and challenge yourself.

Jot down your favorite things! They may include: foreign languages, yoga, writing, traveling, photography, drawing, singing, teaching, cooking, coaching little league, etc.

And then steps 4 and 5 go hand in hand.

#4 – CAN YOU EARN MONEY?

So of course when it comes to deciding on an idea and then following it up with a product or service, you have to be sure that your ideal customer has the ability to pay for it.

If your ideal customer is a college student looking to find ways to eat healthy on a budget, a cookbook highlighting expensive grocery options may not be the best bet.

Make sure to be considerate of the income level of your ideal customer. Then price accordingly, so paying for your product or service won’t ever be any issue.

And last…

#5 – IS YOUR CUSTOMER WILLING TO PAY?

Not only should you have clients or customers that are able to pay for your product or service, more importantly, your clients or customers should be willing to pay. So, if you’re providing something that your ideal customer needs, at a great price point, you should have no problem with their willingness to pay.

Last, don’t worry if you see others out there doing what you want to do– building a business that you want to build. The great thing about that… that idea is working and worth your time and your effort.

So, let’s recap. The 5 key components of a perfect business idea include:

  1. Your strengths
  2. Your skills
  3. Your interests
  4. Your customer’s ability to pay
  5. Your customer’s willingness to pay

So, does your idea pass the test? Let us know by commenting below. 

And check out part 2 of 4 on creating your own business venture here: Getting Clarity on a Business Idea.

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