Getting Your Business Choice Right

After you have made up your mind that you want to start a new business, it is vitally important to decide on what type of business to start. It is far better to spend considerable time choosing the most suitable business for you rather than make an impulse decision and waste precious resources and time.

Here are 5 tips to help you choose the right business for you.

1. Decide What You Are Passionate About

What is it that you like doing? If you don’t like it, get out of it, because you’ll be lousy at it. You don’t have to stay with a job for the rest of your life, because if you don’t like it you’ll never be successful in it – Lee Lacocca

Before you take the plunge into starting your own business, decide what you enjoy doing. Think about where your true skills and devotions lie. Many people overlook this step, and think they should choose a business based on other peoples recommendations, or their own perception of what turns over a good profit. This can be very dangerous, but it is an essential point to cover because many businesses fail due to a lack of owner interest. You must choose something you are excited about and a business you can put all your passion and effort into.
Though the prospects of doing your own business seem to be more promising than the 9-5 job, the energy and time required by your own business is far greater. Ensure you choose something that will not bore you – a business through which you will really shine.

2. Choose a Business Where You Will Apply Your Skills

Don’t bring your need to the marketplace, bring your skill. If you don’t feel well, tell your doctor, but not the marketplace. If you need money, go to the bank, but not the marketplace – Jim Rohn

Choose a business where you can utilize your existing skills and knowledge.Consider carefully the skills that you already have and then decide the best way to make full use of them. It is no use starting a business that doesn’t reflect the skills and knowledge you already have only to find  later on that you have run out of resources before your business has even got off the ground. We all need to learn new skills to succeed, however I always recommend that you incorporate your existing capabilities into your business start up to ease the pressure of doing ‘everything new’

3. Gauge Your Financial Capability

Long-range planning works best in the short term – Doug Evelyn

Consider carefully the finances required for your business it. Decide whether you will finance the business with your own funds or  if you will   seek outside funding from investors. If you are not going to have any other sources of income when you start the busienss, make sure  you have enough capital available to get your business going in the first stage and cover your personal expenses until revenues start flowing in. Remember that you must know the financial requirements of your business in advance. You may need to seek professional advice if you see that you aren’t able to do that yourself.

4. Talk to Professionals

The best vision is insight -Malcolm S. Forbes

Reach out to professionals when planning your business and discuss your ideas with them. Listen to them and be open to their opinions. Never hesitate to ask them questions about the business that you are going to start. Ask them if they can advise you based on experiences with businesses in a similar industry. Be sure to make a list of questions before a meeting or telephone call to ensure you make the most of your time.

5. Do Your Research

There is no substitute for knowledge. To this day, I read three newspapers a day. It is impossible to read a paper without being exposed to ideas. And ideas.. more than money.. are the real currency for success – Eli Broad.

Carefully research the business idea that you are going to pursue. Check the market for the product or service that you are going to launch. Research your competitors. If it is a new product or service that you are going to introduce, then it is a good idea to ask your family, friends and other business owners about what they think about it; or if it is an existing product or service, then see how you can improve it so that you stand out from the crowd and create a reason for your customers to choose you.

Summary

These 5 important factors will help you consider your business idea before you begin investing and setting it up. Do you have any business ideas now? What type of business do you think best suits you? What type of business are you going to start?