Knowing what kind of business to start is something that puts many budding business owners off starting a business of their own. However, it’s never too late to break out of the rat race and start your own business venture if you’re passionate enough about it. But how can you be sure that you’re starting the right kind of business? Read on to figure it out…
Where Does Your Passion Lie?
You probably have a good idea of the thing or things that you’re passionate about. Don’t just keep the answers to these questions in your head, though; write them down so you can see as clear as day on paper what you should be doing. What is something you would do for free if money wasn’t an issue? What’s something you could talk about without getting bored? What do you feel compelled to do regularly? These things could definitely be considered your passion.
What Are Your Interests?
Perhaps you have some interests that you’re yet to explore. Perhaps you have certain interests that can tie in with your passions. Write a list down of things you’re interested in; perhaps things you’ve thought about but never pursued, subjects you like to read about, and so on. You don’t necessarily have to be an expert in them, because you can always research later if it turns out that they are things you want to look into further.
What Are Your Skills?
Your skills should play a huge part in the kind of business that you want to start. A business that uses your skills will make you feel fulfilled, and like you’ve found what you’re supposed to be doing. Perhaps you have great communication skills, coding skills, or sales skills – whatever your skills are, write them down so you can come up with ideas that suit them later on.
Top Tip
Improve your chances of success by creating a Business Plan to help set out your business vision.
What Can You Improve On?
Take a look at other products and businesses out there that you’re interested in, and ask yourself what you can improve on. The thing that many potential business owners do is think that they have to completely invent something from scratch. This isn’t the case at all. You can simply come up with ideas to make a business offering or product better and then come up with your own version of that business. Of course, this can’t be a half-hearted attempt; you need to feel as passionate about this as you would a business you did come up with from scratch. Asking yourself daily how you would improve on certain things will help you get into the habit of coming up with great ideas.
What Problems Can You Solve?
You probably speak to people every day, whether friends, family, or colleagues. Listen to them when they complain. Figure out what you can give to the people. What problems do you think you could solve? Write a list of problems that you know people face daily, and then come up with ideas to solve them. It doesn’t matter how silly your ideas seem at first, as the more you do this the more you tend to get your creative juices flowing. Solving problems is what makes people buy from a business. If you can identify their problems and then come up with a solution, you’ll have a ready-made customer base just waiting to buy your products.
Creating A List Of Ideas
Carry a small notebook with you everywhere you go, or just use your phone’s notes application. Create a list of ideas by writing an idea down whenever it comes to you. Whatever it is, write it down. Don’t tell yourself it’s not good enough, as you may be able to build on it with another idea. You may get even more ideas from that one idea. You could sit down especially to come up with say, 5 business ideas before you start the day, however, they will come to you naturally too.
Entrepreneur Or Business Owner?
Figure out whether you’re an entrepreneur or business owner. There is a difference. Entrepreneurs tend to start a business and then sell them when it’s profitable to them. Business owners stick with a business like it was their child. Regardless of the kind of business you’re starting, you need to have the legalities in place. Look for a company formation agent and contact any other pros that could help you, such as a lawyer specializing in new business. You may even want to speak to a mentor before you start your business so you have some practical, tailored advice.
Do As Much Research As Possible
Don’t just go away from here and let this be it. Do as much research as possible. Whenever you can, you should be researching. Read books, read articles, check out forums, ask questions, and really compile as much information as possible so you know for sure that you’re starting the right kind of business. Bear in mind that a high number of entrepreneurs didn’t succeed with many of their business ideas; Richard Branson being one of them. He has many failures under his belt along with his successes. You just need to be prepared to try again.
Bear in mind you should never start a business without researching the operational procedures, marketing strategies, and anything else to do with the type of business you’re thinking of starting. You could go bankrupt if you don’t understand the consequences of starting a new business. Once you’ve found an idea that excites you and you’ve done all your research, make sure you don’t put it off any longer. Take baby steps towards starting this business and it’ll feel less daunting than taking one giant leap towards where you want to be. As long as you’re taking small steps all the while, you’ll be moving forward. Don’t get analysis paralysis like so many potential business owners get!
What kind of business do you think you’re going to start? Leave your thoughts below. Thanks for reading!