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Business Line

Use a Pros and Cons Analysis to Choose the Right Business Idea

Most entrepreneurial types have a million business ideas, and under pressure they could come up with a million and one. The trick to a successful startup is picking the right one for the time, resources, and market available when you are ready to launch. Very few businesses fail because the idea is not viable, but a great many opportunities are missed because the entrepreneur doesn’t take the time to evaluate the best idea to pursue given the circumstances.
Every startup requires time, money and hard work to succeed, but the road is much smoother if there is a sufficient, reachable market for your product. Every business idea should go through a cursory analysis before any significant resources are spent. A rudimentary pros and cons list can go a long way in eliminating bad business ideas and can give you a head start in developing the good ones.
The pros and cons of any new business idea should include, at a minimum, the following areas:
Difficulty
How much do you know about the actual operations of your business idea? How much effort is required to produce a single unit of your product? Do you have the skills to produce it yourself or will you partner up, hire experienced employees, or outsource the skills that you lack?
Market
Is there a sufficient market to support your business idea? That is, are there enough people or businesses that will benefit from your product that marketing can be fairly broad? Or will you have to seek and find a very limited number of opportunities to sell? Is your idea a positive innovation on something people already use or will you have to introduce an entirely new concept to your market? Does your idea provide a greater benefit to your customers than the competition’s products? Will that increased benefit be enough to draw your own market share? How will your product be distributed initially? Down the road?
Industry
How crowded is the industry you are entering? Are there a lot of big guns you will be competing with? How will you fit into the marketplace? Will you compete on quality, benefits, price or some other factor? And, will the market respond to those differences? Remember that competing on price is the most difficult, unless you have concocted an innovative way to produce for far less than anyone else. Where is the industry headed? Will your idea expand to meet the needs of an ever-changing marketplace?
Resource Needs
What do you estimate your startup will cost? Do you have access to enough cash to launch it on your own? Assume, worst-case, that finding outside funding will be there a way to modify your idea to make it affordable? Do you have the time to devote to your startup? Can you afford to work a few months without significant income? How much of your personal resources are you willing to risk?
Interest
Objectively consider whether the business idea will hold your attention and interest over time. If you are motivated purely by profit, but have no interest in the product itself, it will be difficult to stay motivated through the dark days of your there will be dark days. You don’t necessarily have to love your business idea to succeed, but you need to find satisfaction in the day-to-day work. Somebody made millions from producing twist is doubtful that they adored the idea of twist ties before launching the business. More likely, they enjoyed the manufacturing and production industry in general, and saw a need for that particular item.
Path Forward
Write down every relevant factor you can think of related to your business idea and list out the pros and cons of each. Be as objective as possible about each aspect Talk to people about your idea and accept their input. Never be offended by negative responses, but try to dig for information that might improve on your original idea. Most of the time solid planning results in a far different venture than initially considered — this is a good sign. The more you learn, the more you can refine your idea into one that is bound for success.
If you have multiple business ideas, list the pros and cons for each of them, then compare the outcomes. Begin your entrepreneurial career with the easiest option; you can always launch the other ideas later. In fact, a little experience in starting any size and type of business will probably reduce the cons of your other ideas by the time you get around to launching them.…

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Business Owner

How To Choose The Right Internet Based Business!

“CLICK HERE AND LEARN HOW TO MAKE $2000 NEXT WEEK” As liberating as this sounds, most people don’t make money that quickly online in a week. I, like most, would love to strike it rich on the internet this week. Home business scam artists make online income sound so easy. Unfortunately, after I read through their testimonials and ad jargon (for what seems like hours) they finally get to the punchline – cost. And, WOW, it is not cheap to make money online (according to them) and how do I know if they are advertising an honest work at home business?
When “Web Guru X” gets me all buttered up for my new yacht purchase, he then throws the cost out there and that is when the bubble bursts. Usually, though, the dream doesn’t die only because of the cost, it dies for multiple reasons:
* Usually, these ‘too good to be true’ online business offers don’t really tell you how you are going to make money. I realize the ‘experts’ don’t want to let their secret out, but you have to at least let me know what I’ll be doing.
* Some say they will send you their secrets for “FREE,” just pay for shipping. I tried that and the packet didn’t include anything more than additional testimonials and a $39.95 fee to be paid if I kept the packet after 15 days. No new information. FREE trials are good, just make sure they are honest home business trials, not just more of the same hype.
* They tell you that you don’t need to have any particular skill sets to do what they do. Well, you do need to know some stuff. When I receive a lot of ‘how to’ guides, I need a ‘how to’ guide to understand what they are talking about. Very few online programs make it easy.
Don’t feel like starting an online business, or making money online, is impossible though. There are honest, true, respectable people out there. If you want to make money online follow these steps:
* Make sure that whatever instructional offer you decide to try has a money back guarantee. You should be able to see if the business interests you before you lose money learning about it.
* Search the internet for information about the person, or guru’s, that are offering to teach you how they make money online. Don’t read just one critique, read a few. While one person didn’t like a program, you may find 10 more that loved it and made big money.
* Go and check out forums, or blogs, that talk about home based businesses. See what people like you are talking about when it comes to making money online. A lot of candid conversation about different products is available 24/7 for free.
Remember, Be Inspired To Change Your Life. There are so many reasons to work from home and so few reasons to stay at a dead end job. There are tons of reasons to look towards the internet for income instead of sending in your 100th resume that doesn’t get responded to. And, if you love your day job, why not make a little extra money from home for a rainy day fund, family vacation, or a nicer retirement cushion.…