So, you want to be in business for yourself. That decision is a great first step! How do you go about choosing a business to start? What is it that you love? What is your biggest passion? You need Really you need to decide what will get you out of bed every morning excited to work on your business.
Here are 6 things to think about:
1. What is your passion? Is it crafting, health, real estate, children, history, or something else? Within those subjects, what specifically are you enthusiastic about? Is it scrapbooking, exercise, buying foreclosures, kids’ birthday parties, or the Civil War? Make a list of all your interests.
2. How can you use your passion or talent to build a business? How can your enthusiasm for this be helpful to other people? The key here is to think about how your knowledge or skill in this area can help others. If you begin by focusing on how this will benefit you financially, you are almost doomed to failure. The key to success is to find a way to help other people. . .then, the money will follow.
3. How much time and energy do you have to devote to your business? Are you going to do this part time or full time? Online or offline? This will make a difference in the size of your business. For instance, if you want to open an accounting firm with several employees, you will need to devote some full-time effort. However, if you just want to publish some information about exotic pets, then you could probably get away with a small website and some part-time effort. Think realistically about the time and energy you have right now. In the future, you may be able to set aside more time, but do not expect more from yourself than you can reasonably give or you will be frustrated and discouraged.
4. When choosing a business, determine what your strengths and weaknesses are. Do you need a partner or can you go it alone? Do you need someone to keep your books for you, handle sales, create graphics, or design your website? Make a list of what you are best at and what you are not. Decide where your efforts are best spent and delegate the rest. Come together with people who complement your own abilities by contributing what you lack.
5. What resources do you have available? Of course, money is your most fragile resource. Are you starting your business on a shoestring budget? Are you going to take out a home equity loan? Are you going to bring on an investor? Whatever your financial source is, determine what your limits are. Do not leverage everything you own on your business no matter how successful you think it will be! If you plan well, then you will know how and when to spend the money that is available to you. Don’t forget also to take stock of all your non-monetary resources also.
6. Now, you are ready to consider if the idea is financially viable. In order to do that, you will need to do some homework. You MUST put together a business plan (even if it is just a rough, non-detailed version) to determine thoroughly whether or not your idea will actually make some return on your investment. After some analysis, you may have to tweak your initial idea. Whatever you do, do not skip this step… do your research!
When deciding what business to choose, your idea does not have to be original. However, you do need to give it that extra little “something”. You need to provide a more user-friendly solution or improvement that others aren’t offering. If you choose a business that you are familiar with, you will know what things currently frustrate or annoy users of that service or product. Supply a great solution, and people will flock to buy from you!