Choosing the Right Business

Yhubee

Member
Most people keep talking about being self employed
How does one get to choose the right business? By saying the right business it encompasses the kind of business the person involved has a good knowledge about, location has to come into play,the funds available, the type of goods or services involved ,etc. A lot of people have problems choosing the right business for themselves but they keep on saying they want to start a business yet they are faced with the problem of which business to venture into. What should be done?
 

Stena

Member
Yes, it is not just about being self employed, running the right business is main rod. The issue of choosing a business is a delicate one and any intending business person should carefully consider some salient factors.

1) Your proposed business, is it something you are passionate about? Is it what you look forward to every morning you wake? Is it something whose arts you have mastered? Are you skilled at it? If you got any answer 'no', then I suggest you drop the business idea.

2) personally, I think my number one point says it all. When you love what you do, you would not need to feign determination or force hope when the business is having a downtime. Even in the face of low funds, you can still operate on a small scale until growth arrives. if you choose a business that you are an expert at, you would not do much work in trying to source for customers.

You know at this level, when you are thinking of choosing the 'right' business, i do not think capital, location, target market, etc has a role to play here. What should be looked at is mainly choosing a business based on your passion or skill set. Going for a business because it is lucrative, when you know nothing about working out its profitability is unwise.
 

funmi

Verified member
Many has really suffered from this error as they started business based on what they hear from other people rather than from what they feel comfortable about, in business we do not need look at what we perceive as a good business without making all the necessary findings about the business. There are a particular lady that saw me selling gari and she knows nothing about how I get my gari so she just felt I was making a lot of money as she could see people coming to pick the gari from me in large quantity. Unknown to this Lady that I have uncles and aunties that supplies me at an extremely cheap price so I sell it so easily as I have a very reliable means of transporting the goods to where they are need and I also have a very good customer network. So the business was not stressing me because I had strategized a lot time ago on how the business will.be a huge success. So eventually when she started selling the same business with me after a period of two months I started hearing complaints from her and her customers and she got indebted and fold up eventually.
 

Kendy

Verified member
At times, in choosing the right business, motivation and passion is also overlooked. When you are not motivated about a particular business, believe me, you will not success in it because the zeal or drive would gradually fade away especially when the business is posed with little challenges. I recall when my aunt wanted to operate a business for her son and the boy kept opting for a saloon business but the mother was not in support of it and kept opting for a provision or food store, saying that food would be greatly patronized because it is a daily necessity. No doubt, she was right to some extent but the son had motivation in saloon business which involves making of hair, revamping and making of wigs, fixing and painting of nails and even make over but his decision was overlooked as well as his motivation. The capital was directly from the mother, so invariably he had no choice than to adhere. The business was set up and after like practically two months, the business started sinking. The location was not a barrier although there were other food items shop but at least, people were still patronizing them but suddenly sales started dropping and this was because there was no motivation. The son's mind was still in the saloon business and the business has been shut down! Motivation should be considered first in a business venture.
 

Kingsley

Valued Contributor
In making the choice of what kind of business is best to do alot of consideration must be put in place. And one of the most important of them all is the financial means of starting the business because no matter how good the business plans may be or the business idea my look when their is no financial ability to carry on the plans it will still amount to nothingness. I met someone some couple of days ago with a very wonderful business idea that will the problem part of the problem of electricity in Nigeria but for him to successfully lunch the project he needs a lot of money to execute his fantastic ideas, but the issues still remains the same how do we go about raising the funds without selling the ideas in the hands of who could copy write his work and use his ideas at his expense. So finance is always a very key aspect everyone intending to start must always put in considerations. Then another very brutal aspect is the location of the business, there should be good proximity to raw material and the target customers. Then consider ones level of preparedness and also consider electricity.
 

Rachael

Verified member
The question now is, how do we know the right business? We have many business ideas around the world and all of them are profitable depending on how it is set and where it is set to meet the needs of the target audience. In choosing the right business, there are certain factors that should be considered. Most potential business owners just pick a business idea which they think is more profitable and end up setting it in a wrong location which does not meet the demands of the available audience. When setting up a business, it is pertinent that we ought to be proactive and also be motivated by the business we plan to engage.


There are many business owners who are now in regret considering the fact that they followed the ideas of others without looking inwards. There are steps that should be considered in choosing the right business and they include; the demands of the society, the government policies, the market base and value, the competitors. It is also important to take into consideration the location of the business and the level of its sustainability. The potential business owners should choose a business and ensure that he creates an online presence.
 

Jasz

VIP Contributor
Before considering the security measures, one would have known or picked a good or lucrative business which is one that satisfies human needs. The primary needs of human are water, food and shelter. There are many business within this field like hotels, restaurants and farms. These are tried and tested business models which have been successful for a long time. This is true whether you are selling a service or a product.

One of the easiest ways to find a good business is to start with your own needs, and work out from there.

For example, if you like to cook, you might think about opening a restaurant. If you enjoy working on computers, you might consider starting a computer repair service. If you are good at fixing cars, you might think about starting an auto repair shop.

The point is that if you have the skills or knowledge to make or provide something that people need, then that is a good place to start when looking for a business idea.
You should also consider Shelter, Personal care,Automobiles,Entertainment,Transportation
 

Abigael

Valued Contributor
Choosing the right business is very good for someone who would love to be self employed. Which is something that most people seem to like these days. People don't like being controlled by bosses in an offline workplace anymore. So they prefer to just start a business and be their own bosses.

Choosing the right business starts from exploring all the available sources of business ideas. One being just observant to know what is lacking in your area. Then you can give it to the people through selling it to them. For example, you may realize that many people in your area require to eat out during lunch hours. Starting a small hotel will benefit you alot in that area.

You also can get a business idea from your own passion and hobbies. For example, people have made a business out of their passion of knitting or crocheting clothes. Now, they are selling clothes that they make to many people.

Other business ideas can also be found through reading books, texts online and watching videos. What is important is that you make sure that you learn how the business works, get all the knowledge and skills then use it to practice and make money.
 

Sotherefore

VIP Contributor
I understand a good business to be the type of business that if an entrepreneur establishes , the owners or an entrepreneur can be able to generate profit consistently with the business without any challenge and in most cases if there is challenge , This challenge is something that an entrepreneur will be able to overcome.

You may ask how possible it will be for people to start up a business without any challenge , well in most cases people can start up a business without any challenge and for this happen the person that is engaging in the business must be ready to carried out every research concerning the business they are establishing because this is what will determine their possibility of succeeding .

Yes location really plays a very important rule in success of a business and that is the most important thing we have to focus on because if the location of our business is really good , the possibility of succeeding in the business will be high and also the other way around if the location is really bad because location determine the type of people that are available to patronize us in our different business area .
 

saoussen5765

Valued Contributor
Sometimes it is not a question of having money to start your enterprise because you can get a bank loan but the most important is to have original ideas to share with others not redundant ideas that have been previously established by others and repeated.
 

Holicent

VIP Contributor
To choose the right business to establish can be a challenging task, and these process is what makes up your business idea. Without a good business idea, and good follow up, a business cannot succeed. There are many factors that come into play when deciding on a business to start, including location and target audience. You need to consider if there is enough demand for your product or service in the area you want to operate in, as well as if it will fit within your budget.

The first step is to make sure that you have all of your finances together before making any decisions. Once you have done this, it's time to look at the market conditions for your product or service. If you've decided that there is no demand for what you want to sell, then it may not be worth starting up a new company.

If there is enough demand for what you plan on selling, then it's time to think about how much competition there will be for your product or service. If there are already several companies offering similar products or services in your area then starting up another one may not be worth the risk involved with investing money into something new without having any guarantee of successes in the long run.
 

King bell

VIP Contributor
When starting a business, there are many things to consider. One of the most important decisions is choosing the right business. Not every business is a good fit for every person, and there are many things to take into account when making this decision. Some of the most important factors to consider include: -The industry -The size of the market -The potential for growth -The competition -The company's goals and mission -The company's culture
 
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