WHICH BUSINESS SHOULD I CHOOSE?
Once you are sure that you want to set up your own business, the next critical question to consider is ‘which business should I choose?’ Several options exist and even makes it difficult to settle on one. Also, some businesses such as the pharmaceuticals, medical laboratory science etc. require large investment capital and or technical knowledge to commence. On the other hand, businesses dealing with food products, imports/exports may not require large investment capital and or technical knowledge.
The old-fashioned approach of choosing a business prescribes the following process:
-You first select the business area of interest
-Carry out research in that business area including the models available. The research will usually reveal the areas of need which can become potential business areas. Your research should assess the level of competition.
-An initial business plan is then developed, reviewed and finalized.
-The question of “How much fund you will need to commence the business” has to be answered.
-Depending of the amount of funds required, you may seek for external support.
-Commence the business.
This approach is time consuming and you may even regret spending enormous time and money researching into something that had proved to be not worthwhile, however, you would have saved yourself from a big future mess in trying to establish such a business.
The second approach, which is not time consuming, is to start doing what solves the needs of people and love what you do. This approach is a departure from the popular theory of doing what you love and money will follow.
These two approaches should not be seen as mutually exclusive from each other. These two can be combined in a way that will minimize cost and yield the best result in determining the business area to go into.
All said and done, it is always better to start with an idea and build on it. Business ideas can come from:
-what you are very passionate about and can be a source of solving the needs of society.
-through inspiration. A thought can drop on your mind and may be the source of your future salary.
-you can also get an idea through observation of your environment to identify needs.
-you can also get an idea through already existing business operations. You may replicate this business idea in other locations that have not been covered by the existing business. A business idea is what gives birth to a business.