Six tips for developing a business idea that works for you

Find something you enjoy

We all imagine turning a passion into a profession. If you are starting your own business, you have a chance to do just that. Of course, you might have a viable business idea that is outside of your usual hobbies and interests, but make sure it is something you will enjoy doing on a daily basis. If not, then you may quickly lose interest or stop believing in your idea.

Use your skills

Think about what interests you, but also what you are good at. You might love eating food, for example, but it is not a good idea to open a restaurant if you cannot cook. Do not worry about the skills you do not have. Instead, focus on your strengths and find a way to make the most of them in your business.

Think about your values

What do you want your business to represent? As you build your business and brand, you should think about your core values and stick to them. Draft a clear mission statement and think about what kind of business you want to be. For example, if you are passionate about protecting the environment, you might want to make sustainability a priority. It might also help to look at other businesses that inspire you and learn lessons from how they work.

Do not obsess over originality

All entrepreneurs want to create the next big invention. However, in reality, very few businesses manage to do this. Many successful businesses actually provide similar products or services to others. Ideally, you should aim to find a gap in the market and avoid saturated sectors with lots of competitors, but the most important thing is to position yourself well. Can you be the business that solves a problem that existing businesses have not been able to solve? If not, maybe you can at least provide a better product or service for a cheaper price?

Keep things simple

Focus on what it is you want your business to be and try not to make it too complicated. Each business needs a clear, unique selling point, especially at the start. If things are going well then you can always expand your business into new areas later, but first you need to have a clear brand to build up a customer base. If you start to get confused with your idea then so will your customers.

Get advice – and listen to it!

If you are starting a business on your own, you might find this makes it easier to think clearly and focus on your personal goals. However, do not be afraid to get advice. Be confident in your idea, but remember to listen to the opinions of others. Pitch your idea to people, let them try your product, show them your branding. The larger the sample size, the better. You might be able to get some professional advice, but remember to also speak to the people whose opinions you value most. Close friends or family members are likely to be most honest with you, so make sure you listen to them!

If you enjoyed this article, read our tips for young entrepreneurs.

In partnership with EURES, the European Job Mobility Portal.

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8 tips for young entrepreneurs

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