With so many opportunities available today, it is hard to decide which business is the right one for you. Choosing the wrong business can cost you both time and money, not to mention the loss of your hopes and dreams.
Use the following tips to choose the right business for you on the first try.
Make a list of your hobbies – Often hobbies can be turned into a business. You want to enjoy your business, so begin by making a list of the hobbies that you enjoy. Look at each item on your list, and determine which ones could realistically be turned into a business that you can start and operate.
Make a list of what you know – other than hobbies, there are plenty of things that you know about. Do you have a college education? Make a list of the things that you consider yourself to be extremely knowledgeable about. Do not list things that you have little interest in or things that bore you. Look at this list and determine which of these items can be really turned into a business that you can start and run.
Make a third list from the information on lists one and two. On the third list, only write down the items that can be turned into a business that you can realistically start and run.
With the potential businesses left on your list, work up an estimated cost to start and operate each one for the first three months. What is your budget? How much money can you afford to spend on your new business? Remember to add in costs for advertising. You should also consider the costs for your personal/living expenses if you do not have another source of income. Which businesses can you actually afford to start? Is financing an option? Mark the businesses that are no longer realistic off your list.
Make new lists for each of the businesses that remain on your list. You need to know what is required to start and operate each business. You need to know everything. What equipment will you need? How will you advertise the business? What space is needed? How much start-up money will you need? What are your local and regional requirements for running a business from your home? How much money should each business realistically earn each year? Make a list of questions, and answer those questions for each of the businesses remaining on your list.
How much time are you willing to invest in your business? Look, realistically, at the time requirements for each potential business on your list. Are you willing to put in the required time?
Locate people who are in the businesses that are left on your list. Find a way to talk with them. Find out what all the pitfalls are, and how to avoid them. Learn as much as you can from them about how they started their business, what it took, from a financial and time standpoint, and what they have done to make their business succeed. It is not a good idea to choose a competitor for this research. Either choose someone who would not be considered a competitor or don’t let them know that you are a potential competitor. Make the call or arrive at the meeting armed with a list of questions to ask.
Think about the remaining potential businesses on your list. Think about each one individually. Imagine yourself taking the steps necessary to start up each business. Imagine yourself running each business. Which ones feel right? Which ones feel wrong? Your gut instinct should never be ignored. With some businesses, redundancy can become a problem. Will you get burnt out doing the same tasks over and over? You need to think long and hard about your options, your personality, your likes, and dislikes, etc.
With all the information you have gathered in your research, you are finally in the best position possible to choose your new business. So, simply make a choice…but don’t throw your list away. You may want to try one of the other possibilities in the future – after you’ve made a success of your first home business!