This column is authored by blogger & overseas education consultant, Shwe Krishna
There are different types of business opportunities and no two of them are the same. Some have a better scope of making money and some offer exciting learning opportunities.
How do you decide which is the right opportunity for you? Before choosing the right biz op, you might want to ask yourself the following questions.
1. Alignment With Your Passion
The business that you are thinking of starting/joining should be along the lines of your interest and you should be passionate about the opportunity it offers. The vision should match your values and you should be dedicated towards your passion. If making money is your goal then you can get into a high paying job, work for few years, and then leave. Whereas, if you are thinking of the long haul then you must follow your passion.
2. Talk to Fellow Entrepreneurs
If you are not familiar with the area that you are going to get into then you can talk to the fellow entrepreneurs who are already working in the field. Most of the small business owners will not mind sharing their knowledge with you. It is preferable for you to do your research in a different locale in order to not come across as a competitor.
3. Risk Associated With Your Business
Your tolerance for adventure defines how successful you will be when you choose your opportunity. When you create a great concept then the risk associated with it also increases. However, there is very little risk when it comes to replicating a business while introducing few changes.
4. Judge Your Ability of Handling Every Aspect of the Business
Know that in order to run a business you will be required to handle everything. So make sure that you know how to handle not only those aspects that you are good at but also those which you have no experience of. Knowing your skills will help you in analyzing the business opportunities.
5. Predicting the Return on Investment
The return on investment should be rewarding enough in order to justify your investment. The opportunity that you are aiming at must have proportionate and promising results.
6. Utilize the Internet
You need to know how to make the most of the internet when it comes to growing your company. Digital marketing and having a strong online presence plays an important role in reaching out to larger audiences and in publicizing yourself.
7. Choosing a Lifestyle
The kind of business that you are looking for should offer the lifestyle that you can actually be comfortable living once you are in the business. For example, if you enjoy working on the field, meeting new people and socializing then marketing can be the career for you. However, if you prefer solitary work then working from home could be your thing. Whatever it is, before you take any important decision, keep in mind the lifestyle that awaits you. Researching a bit more will help a big deal.
8. The Viability
The product or service that you want to sell should be viable and someone should actually give you money for the services that you are offering. You can judge the viability of business by seeing how well it is running in the current industry. In order to get a real-life idea, you can volunteer or intern in the same industry before starting your venture to understand the dynamics of it.
9. Be Realistic
Starting a business with your individual interests is good and so is the necessity of making sure it does have actual potential of succeeding. The demand of services that you are providing should be profound. If you take a plunge and invest in the wrong business then you will have to regret your decision.
10. Investment Budget
Lastly, one has to check with the investment budget. The idea you are interested in should match your own investment capacity. You should be willing to invest until you reach the break-even, or until you are able to attract investors. After having listed all the possible business ventures you can get involved in you can put the constraint of budget and choose the most successful and promising opportunity.
Owning a business is extremely rewarding and challenging. You must follow your passion and do some research, both about the business and your ability to handle things. You should be willing to take the risk for your business and check the return on investment as well. Being realistic and judging the viability of your business will also help you in making the choice. Best of Luck!