Business Selection Checklist
Business Selection Checklist
The following chart is
designed to help you choose the business that’s right for you.
To fill it out, follow these three steps:
(1) In the far left-hand column, list the business ideas you’re considering by order of interest. So, in the top left-hand blank space, put the idea you think you’re most interested in. Underneath it put the next idea and so forth until you’ve listed all of your possible ideas down the left side of the chart.
(2) Now take each idea
and rate it on a scale of 0-3 in each of the areas listed.
Use the following rating system: 0-none, 1-below average,
2-average, and 3-above average.
Here’s a look at each
of the categories and some of the things you should consider when rating
Your knowledge of
the business. How much do you know about the area? Will you have to spend extra time and money teaching yourself
the business? Will you have
to take on a partner because you don’t know the business well enough?
knowledge of the business; 1-some indirect knowledge of the business;
2-limited knowledge; 3-working knowledge.
Your experience in
the field. In some cases, you may have a lot of knowledge about the
subject, but not much experience. Have
you ever owned or worked in this type of business before? To what extent is hands-on experience crucial to the
experience; 1-indirect experience; 2-limited experience; 3-familiar with
Ignore, for now, those skills that might be common to each of your ideas,
and try to concentrate on skills that are unique to that business.
To what extent do you possess those skills?
If you lack them, how difficult will it be to acquire them?
1-limited skills; 2-some skills; 3-extensive skills.
Ease of entry.
Think both of the costs of entering the business and of the
competitive barriers that might exist.
For example, a service business that you can run from your home
might be relatively inexpensive to start, but if several others are
already providing that service, entry in the field may be difficult.
field, very difficult to enter; 1-limited entry available; 2-mix of large
and small competitors; 3-virtually unrestricted entry for any size
Uniqueness does not necessarily mean that literally no one else is
providing the same product or service; it can mean that no one else is
providing the product or service in the same way you intend to provide it,
or it can mean that no one else is providing that product or service in
your area. You’re looking
for some way to distinguish your product or service from others who are
already in business.
Rating: 0-your product or service widely available; 1-a few to several others offering your product or service; 2-only one or two others; 3-no others providing your product or service.
Now total up the numbers. Here
are some tips for making sense of the numbers and for narrowing your list
of business possibilities:
How many ideas are
left? If the answer is
“none,” then you need to use the list to identify where you need to
improve and you need to develop a strategy for raising the “1’s” to
“2’s” or “3’s.” If
the answer is “more than one,” you have a pleasant dilemma: a choice
of which business to start. If
the answer is “one,” you may have just found the business that’s
perfect for you.
Note: This list was provided anonymously to AspireNow. We did not create nor do we know the original source. If you know the original source, please notify us so that we may correctly name them here. Thank you.
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