How do you find the right business to put up?

Choosing the right business to start can feel like searching for the right life partner. You try, explore, and sometimes stumble before finding the perfect fit. Felisberto Bombase, a business expert from the Philippine Trade Training Center, compares this journey to courtship—you keep searching until something clicks.

For some entrepreneurs like Irene Martel Francisco, the match comes from intuition. Francisco, who now owns the Asian noodle concept Ten Noodles, believes that the best business is something you can personally connect with. Her first try at entrepreneurship started when she was just 19, running a small hamburger snack bar. Since then, she's dabbled in multiple businesses—owning franchises like Max’s, Greenwich, and Cabalen—before launching her own brand.

So, how do you get started? There are generally three paths to finding your business idea: copy, innovate, or create.

Copying isn’t as bad as it sounds. It means taking a proven concept and finding a niche or underserved market where you can succeed. Since the model already works, there’s less risk. Innovating, on the other hand, involves putting a fresh spin on an existing idea—maybe changing the design, the packaging, or the branding to attract a new audience. Then there’s creating something completely new, which takes time and patience, especially if it involves shifting consumer habits.

Another smart approach is to focus on specific groups of people and think about what products or services they need. Sometimes the best ideas are found in everyday things—basic services like home cleaning or repairs that people tend to avoid doing themselves.

Francisco also highlights the value of self-awareness. What are you passionate about? What are your hobbies? Your answers could point you in the right direction. Her passion for writing led her into publishing. Her desire to start something low-cost yet scalable gave birth to Ten Noodles, which now caters to a wide variety of Asian noodle lovers.

When you finally find a business idea that excites you, don’t forget to do your homework. Relying on your instincts is fine, but researching the market is crucial. As marketing consultant Divino points out, even great ideas need to be backed by data. A feasibility study helps you evaluate whether your idea is practical by asking tough questions about money, operations, and your target audience.

At the end of the day, success in business often starts with a clear understanding of yourself, the market, and how the two can meet.

SOURCE:
Think about it
How do you find the right business to put up? You may copy, innovate or create your own, but it's important to find something you like.
By Millet M. Enriquez
http://entrepreneur.com.ph/byob/think_about_it.html