All of these will seem like common sense, but remember, common sense is not so common when it comes to the way many people choose what business to go into.
1. Choose a business that people will want and need. If you are unable to see a large enough market for your product or service, find another business.
2. Choose a business that people will recognize. If you have a product or service that is not instantly recognizable to nearly everyone, you will have to spend much of your marketing budget and your time just educating them about what you do. This could be a moneymaker for you, but only if you have the capital to “teach” your customers to buy from you.
3. Choose a business that does not have a lot of competition. It is difficult to go up against established and successful businesses with the same product or service. If you cannot change enough to be a distinctly different product, then find something else.
4. Choose a business that will make enough money. Many businesses are unable to charge enough to make a profit.
5. Choose a business that will not be eclipsed by technology in a year or two.