If you want to start a business, the best business for you will be one that involves an activity which you enjoy. It will help if you have knowledge and/or are skilled in your area of interest, which usually comes with experience.
Many times you’ll find that you have experience doing the activities that you enjoy, since you like doing them. Makes sense. So start by listing the top 4 things that you do best.
Is this your first time launching a start-up? Do you wonder about the type of work you will enjoy doing? Consider activities or events that you have had experience in, not just hobbies or your previous work experience.
Here are some things to think about:
A. Hands-On or Craft-Type Work: Do you enjoy building or repairing items? Are you handy or artistic? Are you curious about how things work?
B. Creative Jobs: Are you creative or enjoy solving puzzles? Do you find it easy to think outside the box and find interest in new and different ideas?
C. Customer Service Businesses: Are you a social person who enjoys being around and meeting new people? Do you like helping others – even people you don’t know? Would you rather work in a group or around others than independently?
D. Teaching: Do you find it rewarding to teach others? A teaching career could include a daycare business, tutoring or seminar programs
E: Detail-Oriented Work: Businesses like medical claims, bookkeeping or accounting fall into this category.
Some other things to think about: do you prefer working outdoors, in an office or even traveling? Do you have a special interest in working with pets, children, large groups of people or alone?
You need to enjoy your business and have it benefit others in order for it to succeed. The more value your business provides, the more the market will seek it and pay for your products and services. There is a direct correlation.
Compile two lists: (1) what you do best and (2) how people can benefit from these things. You basically want to take a combination of an item from list (1) and list (2) to come up with a great business idea. This is where you start brainstorming. Use the “reverse thinking” strategy, where you start with a typical action, result or response in a certain situation and then switch it to the opposite.
After you have done your brainstorming, consider the existing market for your idea. Is there anyone who already offers similar services? How many competitors are there? Will the market realistically value your offering? Now is the time to do a reality check.
Upon launching your start-up, you should create a USP (Unique Selling Proposition) which differentiates your company from everyone else in your market. Research your customers before you open up shop so that you position yourself for success.
Your goal here is to company stand out. – You will have a greater chance of succeeding (assuming that the market will want what you offer). Individuality is essential – whether you make a small or big change in location, styles, method of implementation, etc…
Don’t re-invent the wheel – “copy” success! Have you seen an income-building strategy that has worked for other companies? It may work well for you as well. Do not forget to take note of the failures – so you don’t repeat the identical mistakes. Look at past issues of magazines like Entrepreneur or Inc to read articles about other business start-ups.
3 Things to consider when choosing a business:
1. Ease of entry Will the cost of entering the marketplace and the amount of existing competition be expensive and can you afford it?
2. How much growth opportunity is there? Will you be able to get repeat customers?
3 Is your business seasonal? Do you need to produce income consistently all year round, or do you prefer having seasons that are less busy?
The Next Step…
After you have established a potential business idea that’s profitable, you want to compile a business plan. When you begin a business with a plan, you will know start-up costs, the time and money needed to operate your company, how you will find customers and you will have a projected financial timeline to follow.
It’s important to plan and have adequate information on how your business will run before you launch your start-up. The obvious way to do this is to get advice from business owners in similar businesses. Often, this is easier said than done – finding those people, knowing which questions to ask and actually getting them to talk to you may be a bit of a challenge.
Business start-up guides are much easier and just as effective at getting you the information you need. If you haven’t already, you may want to work for someone else in the area of your business so you build up experience and knowledge before you open your business.