How to Select a Business to Start

May 29, 2014 | By | Reply More

select a business to start

In starting a business, one of the most difficult decisions will be to select a business that is right for you. What is the business that you want to do where you can best achieve your goals? Where can you find a business idea that will really pay off? What are the best ventures to pursue today? These are but some of the questions of would-be entrepreneurs who know they want to start a business, but not exactly clear as to what business to start.

How do you select a business to start?

Ideas for new businesses come from many sources. A logical first step for the undecided is to list potential areas of personal background, special training, educational and job experience, and special interests that could be developed into a business. Look at your hobbies, volunteer experience and leisure activities.

RELATED: How to Choose a Profitable Business: 3-Step Process

You can develop a line of gourmet foods, create mobile games and application, do wedding planning, give scuba diving lessons, create intricate crafts, or develop an antique locating and refinishing service. You can also sell what you know, by developing a syndicated newspaper column, writing a book, offering consulting or conducting seminars or workshops in your area of expertise. Others also start their own businesses using existing skills from their salaried jobs – accountants, technical writers, trading specialists, writers and others have marketable skills that can be developed into service businesses. There are so many options out there; and what works for one may not necessarily work for the others.

With the proliferation of the Internet, new business opportunities in designing, programming, monitoring and updating web sites have emerged. In addition to computer and programming skills, content developers or those who write solely for the Web have become highly marketable. You can also prepare demographic studies, databases, market surveys, and information resource lists.

One thing is clear though: only you can know what business is best for you — one that you will enjoy doing, while at the same time makes money.

If you are still at a loss as to what business to go into, review the following list of activities that have proven marketable for others. The idea is to identify potential businesses, then reducing its number as you determine your interests and potentials of the business, until you arrive at your final selection.




On a scale of “0” (no interest or strength) to 10 (maximum interest or strength) indicate the potential for you and a total score for each activity:

My Level of Interest Personal Strength Market Strength Total Points
Household Services
— house cleaning
— self-storage center
— grocery shopper
— home decorating
— lawncare and landscaper
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Handicrafts
— silk flower arranger
— ceramics
— jewelry design
— collectibles broker
— gift basket
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Travel/Entertainment
— bed & breakfast inn
— limousine service
— party planner
— videographer
— tour operator
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Personal Services
— beauty salon
— dating service
— image consultant
— financial planner
— genealogical service
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Web and Computers
— computer consultant
— app developer
— graphic design
— website developer
— database consultant
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Healthcare & Fitness
— aerobics instructor
— medical transcription
— daycare for seniors
— diet clinic
— home healthcare
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Wholesale and Retail
— antiques dealer
— children’s clothing
— catalog retailer
— florist
— pushcart
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Business Services
— event and meeting planner
— turnkey office
— public relations
— incorporation service
— temp service
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Your Own Service
— ________________
— ________________
— ________________
— ________________
— ________________
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Scoring:

  • 0 to 10 Almost a sure loser
  • 11 to 15 Reconsider, but proceed with caution
  • 16 to 20 Some potential here, worth further study
  • 21 to 25 Probably a winner, if you answered correctly
  • 26 to 30 How can you lose?

Ultimately, your choice will be influenced by a variety of factors, including the size of your bank account, the potential pay-off, the nature of work activities involved, your past work experiences, your objectives, your attitudes and opinions, your personality, knowledge and skills. The business you choose should fulfill a need if you expect to generate any long-term market demand and possibly achieve seven-figure sales in the future.

 
Recommended Books on How to Select a Business to Start:

 

Isabel Isidro is the co-founder of PowerHomeBiz.com. A mom of three boys, avid vintage postcard collector, frustrated scrapbooker, she also manages Women Home Business, Starting Up Tips and Learning from Big Boys. Connect with her in Google +.

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How to Select a Business to Start
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You have decided to go into business, but do you know what business will it be? Here is a guide to help you make the decision of choosing your business as painless as possible.
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Category: Choosing a Business

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