Using the 4 key questions from the prior post, we are going to walk through the process of doing an initial evaluation of a set of business ideas. Aspiring entrepreneurs often have many ideas and are scared to just pick one to move forward with. This process will help you narrow down those ideas and provide a structured way to make a decision. Now, you can always just go with your gut. However, you’re planning to leave a job, are a provider for a family, or want to build a scalable business, I would suggest starting with a disciplined approach like this from the beginning.
First, we need some business ideas to put to the test. I recently read a post on Ideablob about Top Trends to Turn Into Businesses. Another great source for ideas and trends is Entrepreneur.com. Let’s start with the Ideablob trends and brainstorm some business ideas for each trend.
1. Seniors
- Senior Day-Care
- Physical Therapy and Fitness for Seniors
- Healthy meal delivery
2. Baby Boomers
- Metal and Physical Exercise Gyms
- Adventure Travel
3. Children
- Subject Based Tutoring
- Tween/Teen clothes and accessories
- Music or entertainment
4. Weddings
- Green Wedding Planning
- Recycle Wedding Favors / Items
- Budget Wedding Planning
- Theme Based Weddings
5. Business Services
- Temporary Staffing / Contract Workers
- Employee Training and Development
- Sales Consultants
- Marketing and Social Media Services
Wow! These are all very different but interesting business ideas. The decision to narrow down the ideas to a few that we want to probe more is challenging. However, you can initially think about what ideas are you drawn to most? If there are 3 or 4 of those then you can test them with our 4 key questions. We’ll pick 3 ideas and walk through each of them with our 4 questions in the next few posts.
Which would you pick?
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