How To Choose The Right Business Idea And Opportunity To Start

As an entrepreneur, my mind is always filled with new business ideas and opportunities.

But which one is worth the time, energy, and money?

With already 3 businesses (I like to call them projects) running and managing over 100 staff…I have to choose which project to start carefully.

And even if you’re just starting your first business, it is crucial to pick carefully which to really sink your energy into. Because choosing the wrong business to start may result in some massive setbacks in your life. And even though people say that “failure” is good, you should still be strategic about which business to build.

Even if the whole project goes south, you’ll end up learning a lot more if you go through the process methodically and with intention. 

Here is how I decide which business to start:

Have The Key Components And Resources

When it comes to business development it really comes back down to what are my chances of winning as opposed to yours.

Me VS. You.

Whenever I look at a business opportunity, I see whether I have all the key components and the resources to make sure that these components are all taken care of.

If I do have all these things, I honestly believe I have an incredibly larger chance of success compared to you.

Basically my chances of winning > your chances.

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There are two key components and resources for this to happen:

1) Having A Major Advantage In Your Industry

When I was creating my ice cream brand, 720 Sweets, I thought about the major hurdles and major advantages that is important when developing a dessert chain.

Ask yourself: What is the biggest obstacle and advantage you would have when creating your business?

For any food and beverage business, that would be your supplier since it comes back down to the quality of your products. One of the biggest costs when it comes to developing a product is also connected to your supplies.

If you can control that, it’s a huge advantage for you compared to others.

I was fortunate to be connected with the owners of the biggest Bubble Tea suppliers in Western Canada. It also helps that they own a high-quality tea farm in Taiwan.

Finding him as a resource and as a partner was important when I was deciding whether or not I wanted to enter this business.

If he wasn’t on board, I most likely wouldn’t have chosen to be in the ice cream and bubble tea business.

So when you’re choosing what business to start or amongst the different business opportunities, see whether you have a major advantage over the competition. 

2) You Must Have A Dedicated Spearhead

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The second component and second resource I look at is whether there is a dedicated spearhead for the business.

Because I’m handling multiple different projects at the same time, there must be a spearhead who is 120% dedicated into that project. That person, that spearhead, needs to be extremely dedicated and committed right from the get-go and all the way to the end.

If you’re purely focusing on one business project, you can take the place of being the spearhead. This is most often the case if you’re starting out. You would be the person who manages the daily operations and strategic vision of the business. 

Luckily, I was able to find Brian, who became my partner at 720 Sweets. He’s been super dedicated throughout, which helped support the operation of the business. He became my spearhead for my ice cream business.

By having a major advantage through my supplies and having a dedicated spearhead, I was able to go ahead with this ice cream business.

At the end of the day, it happened because I was resourceful when it came to this business.

If I were to open this shop versus you were to open this shop, I would have a bigger advantage in doing so. My percentages of winning would be at least 60% to 70%, in comparison to everyone else in the market.

That’s when I decide to enter into business. And that’s how you should think when you’re choosing the business idea to start. 

What do you have that increases your chance of success compared to others?

Many people will say that they don’t have the same resources and same network as me to create that advantage. But I disagree with that. 

The key is to be resourceful and create that advantage for yourself. 

How Do You Be Resourceful?

A lot of times when a budding entrepreneur, they try to do something, they handicap themselves by thinking that it’s all them.

That they are the ones that are in charge of developing the whole business. That they’re not going to reach out for help. As if it is a solo mission.

But that shouldn’t be the case. Each person has a network that can create that major advantage for you. 

It is about whether you have the guts to reach out for help. To put yourself out there. 

Here’s how:

Audit Your Circle

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Look at your circle of friends and look at what they do.

Whether it be your relatives, whether it be your uncle, uncle’s dad, or your dad’s friend…Look at what do they do and what kind of resources they have access to.

Where do they work? What is their position? Who do they know? 

When you’re able to really fully audit your whole resource and your whole connection, you would start to naturally fill in the gaps.

For instance, if I was launching a new food product, I would think who in my circle would be able to help spread that. I know that Jason’s the guy that knows all the Instagram Foodies and Bloggers, I would talk to him for help or for a partnership.

When you can start being creative and resourceful around the people that’s around you, that’s going to increase your level of success. The chances of you succeeding in the business is when you become resourceful to the people around you. 

What If You Don’t Have A Network?

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A lot of people ask me when they’re first starting out: “I don’t know anyone. I don’t have any network. I can’t start this business or I can’t do E-commerce because I don’t know anyone in the game.” 

That is only an excuse.

It takes years to develop relationships that you can count on, but that shouldn’t hinder your level of success just because you don’t have the connection to do so.

Nowadays, there are so many networking opportunities out there with meetup.com and with business associations in your city. These are the places where you get to meet new people in your industry. 

And when you put out the intention of seeing your friends and family as a potential resource, putting it out there as, “Hey, can you make an introduction to someone you know who does this?”

When you put that intention out there, automatically they would have someone in mind. 

If someone asks you, “Hey, I want to start an ice cream shop. Who would you go to automatically?”

You would be like, “Oh, Wilson. I know Wilson. He started an ice cream shop.”

It is putting the intention out there and seeing it from a different perspective. Not seeing them as someone that you poach or someone that you take advantage of.

This is how I choose amongst the many business opportunities available. I encourage you to look at the resources you have available to you. Do this by seeing what major industry advantage you could have and having someone who will put their 120% into the business. 

Being resourceful is the number one way to achieve those two things. This means auditing your circle of influence and going out there to network with people.

All the greatest business owners in the world didn’t have the network either when they first started. You need to be creative and be uncomfortable. 

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How To Avoid Burn Out As An Entrepreneur

How do you avoid burn out as an entrepreneur? What is the best way to avoid burning out?

That’s the number one question that I get.

When I first started a business it was very, very tough.

I still remember when I was at a Christmas dinner with my girlfriend after three months of going hard 12-hour days, every single day. Prior to the food coming, I was on the phone for more than 10 times.

My phone was ringing off the hook.

I was running a tutoring service at that time and it was actually during finals seasons. So, everyone was just giving me back to back calls.

I didn’t even feel like I was at dinner. I didn’t even know what I ordered.

We were eating at a place where you cook your own steak on a hot sizzling stone plate. So, when I came back I was kind of pissed off. Like why is my steak well done? What’s going on?

My girlfriend was told me, “Your steak has been here for 20 minutes.”

That really, really hurt me.

That really made me feel so guilty and shameful of what I was doing. Eventually, I started burning out and didn’t go back to work for a long time.

It made me really reflect on why I was doing what I was doing and how I should approach this whole thing differently.

Finding What Is Important To You

Man on sofa feeling burnt out

A lot of us have these different kinds of moments that put things into perspective of what is truly important to us.

Is it all work or is it all family or is it all relationship?

For me, it’s all about the balance between being able to take care of yourself physically and emotionally, taking care of your family, your significant other and your friends, and then your business.

Having these different pillars in my life allowed me to not burn out because I know that my life consists of these six different pillars. If I put too much attention in one and neglect the other, I’m not going to have a strong foundation.

Right now I’m operating three different companies at the same time and managing over 100 staff. Yet, I still have time to take care of my family, my loved ones, myself.

It is all because of the fact that of understanding what I truly value. Understanding what keeps me grounded and seeing things in perspective.

It really comes back down to you.

  • What do you believe in?
  • What are your values?
  • What are things that are not negotiable for you?
  • What makes you truly happy?

Don’t Avoid The Problem

If it’s about all about business success, then you go full steam on it. You’ll never burn out if that is truly what makes you happy.

But if you use work as an excuse to avoid other problems, you’re going to burn out. Sooner or later you’re going to burn out.

Even if you don’t burn out in the next few months, it’s not going to be effective work.

Now when I go to work it’s much more effective, it’s much more efficient because I know for a fact that I only have this much allotted to finish my work. Then, I need to move onto taking care of my family. Then, I need to take care of myself. Self-development, business, all these different chunks. It’s about knowing your balance, knowing your values. That’s what’s going to prevent you from burning out.

Next time you’re thinking about how to avoid burning out, ask yourself: What do you truly value? What are the non-negotiables? What makes you truly happy?

Once you have those answers, hold tight to them and be true to them and be honest with yourself.

That’s how you avoid burn out.

What Is Branding and Why Is It Crucial For Your Business

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When you see small, colorful circular chocolates; you don’t have to check the signature “M” to tell what they are.

You know they’re M&M’s.

When you see the golden arches that band together to make a letter M…

You know it’s McDonalds.

Even without seeing the name of the product, the name of the business instantly pops into mind; along with the feelings and sentiments you have for them.

That’s the power of branding.

What is Branding?

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But what exactly is branding?

Let me help you better understand what branding is by starting off with the definition of a brand.

A brand is a depiction of who you are as a business.

It also illustrates how you wish to be perceived. Brands exist only in the customer’s’ minds. The sum of all customers impression about you is what your brand is.

Branding, on the other hand, is a companies’ marketing practice to create a name, design, symbol or logo to easily identify a company with. Through branding, a product is identified and easily distinguished from other products and services.

Branding gives customers a memorable impression. It is a way to provide customers with what is to be expected from a company.

Branding helps you

  • Stand out,
  • Be distinguished, and
  • Choose why you are a better option because of what you can offer.

Branding is an essential asset for a company. It helps in developing and leaving a lasting positive image and impression in the minds of consumers.

Branding should also be integrated into online activities, especially for Amazon FBA sellers. With branding efforts, a brand’s reputation goes above and beyond original product services and offerings. This allows for tons of revenue brought forth to a brand.

Why is Branding Important?

Branding is highly critical for the success of any business.

Branding delivers an overall impact to a company. It is so pivotal that it can change the way consumers see and perceive your brand. It can also be used to increase brand awareness and drive in new businesses.

A lot of Amazon FBA sellers make the mistake of not making a conscious effort with branding. They think that people slapping a generic logo on a product is enough.

But it isn’t.

And with so many people selling the same private labeled product as you, branding is one of the biggest factor that sets you apart from everyone else. It also means avoiding the race to the bottom by offering the lowest prices.

Here are 3 reasons why branding is crucial for your business:

1) Branding Provides Recognition

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One of the most definable reasons why branding is important is because of how it helps a company gets recognized and known to people. To bring a face to a brand, a logo is created. A vital element of branding is a company logo.

However, logo generation should be done professionally.

If you want your brand to be taken seriously, make the necessary efforts to provide a professional logo design that is memorable, impressionable, and catchy to a consumer’s attention.

LEGO is an example of a brand that has built recognition over the years.

LEGO started in 1939 just as a brand that makes wooden toys in Denmark. But with great branding, it has turned itself into a multi-billion dollar company around the world. From making toys, LEGO has now a theme park, movies, and even a factory where it allows customers to build custom creations.

All of these are made possible because of its iconic design, font, and constant creativity of branding.

2) Branding Attracts New Customers

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Strong branding will help your business get a positive impression and leave familiarity and dependability in your brand. Getting business referrals will be a breeze when people know you in an affirmative way.

With an established brand, word of mouth comes easy and it works wonders in advertising your brand even without you moving a finger.

Just like in building your brand in the Amazon marketplace, a door can open up externally.

You can start up as a newbie and develop a product that can sell in Walmart or other large retailers nationwide.

If you properly brand your product, use a platform to sell, and deliver a killer brand experience; you can grow your business exponentially in more ways than you can imagine.

3) Branding Develops Trusts

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How you present yourself helps you win trust among your competitors.

Branding allows you to appear professionally in the eyes of consumers. Depending on how you strategize your branding, consumers will trust your company and what you have to offer if they see you as someone is is well-polished and professional.

People are more likely to trust a brand that exudes familiarity and consistency.

If you are a buyer, what would you rather get –  an iPhone or an unbranded mobile phone?

The answer is simple, iPhone all the way!

Apple has strongly identified the iPhone as the mobile phone to beat. The Apple brand speaks volume of professionalism and higher quality because we know it. We are familiar to it.

When you see a product that has no brand, you will feel that the item is of lower value and quality.

You might even think that they will not offer after-sales support since you do not know who they are and who created them.

And there’s no feeling that can be connected to the product without a brand name attached to it. You lose the ability to connect with the customer and build an audience that would talk about your business to others.

The importance of branding to your business is not something that you should keep a blind eye from. Building a brand is critical to solidify your business’ chances to succeed.

These are just some of the reasons why branding is important, but they all point to you starting on building a brand.

If you are a digital entrepreneur or an Amazon FBA seller, it’s time to consider bringing branding into your business. Branding should be the core and building block that you should focus on to cement your place in the competitive world we live in.

 

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