You’ve already searched the internet for business ideas, and you probably already have one in mind. How do you choose the right one?
This will depend on your context and a series of points that we will look at.
I’ve been putting various business ideas into practice since 2009 , and it’s not easy to find the winning key.
Let’s see what aspects you should take into account.
evaluate business ideas
You must evaluate all the ideas and assign them a score. The one with the most points is the idea you can develop.
We will assign points based on
1) Budget.
You need to know how much money you plan to spend on the project and how much you can afford without income. Based on this, we can define four important aspects.
Do you have the money?
How much budget do you gambling data singapore have? Do you have savings, severance pay, or unemployment benefits?
If you don’t have money, that’s a point against that idea and we move on to the next point.
Do you have to ask for money?
To family (not advisable), a bank, or a friend. If they give it to you, we move on to the next point.
Don’t spend it all.
Try to spend only 50-60% of your budget.
The business idea you’re innovative trends in h5 website production developing can’t take up 100% of your budget. You need to have money to live on (food, utility bills, etc.).
If your business idea requires more than 60% of the budget, you can discard it.
Make an Excel or Spreadsheet
You don’t need to do anything complicated. Just include the concepts “Budget,” “Income,” “Expenses,” and “Salary” (by salary, I mean what you’ll need to live).
If it’s 12 months away, all the better.
However, be careful because to phone number iran develop a project that takes 1 year, you need a lot of extra money to live.
2) Time.
How long (in months) will it take you to get everything ready?
Time is very important because you have set aside X money to live from the total budget.
The longer it takes you to finish the project, the more money you will need to survive those months without income and relying on your “Salary” .
You need to estimate how long it will take to develop your business idea from start to finish.
Can you hold out all that time?
If you estimate that a business idea may take 6 months to develop and you don’t have enough money (salary) to live during those months, you will have to discard the idea.
Maybe your strange hobby already exists and has its audience. However, you have to consider whether you can make a living from it.
How do you know if there is a market?
There are free tools that show you how many people search for certain words on Google each month.