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Adopting a Systematic Approach to Choosing a Business
Hard Knock's Guide to Choosing a Business
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Hard Knock's Guide to Selecting a Business
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.

by Isabel M. Isidro
Managing Editor

 

Are you one of those who want to be an entrepreneur, but has no idea as to what business to start? Millions of people feel and know that they need to become an entrepreneur to achieve their goals; yet are plagued with uncertainty as to what kind of business venture to go into.  Where can you find a business idea that will really pay off? One that will make you rich (as quickly as possible)? Or what business will make you powerful and famous?  What are the best ventures to pursue today?
(article continued below ...)
 

In starting a business, one of the most difficult decisions will be to select a business that is right for you.

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.

You can develop a line of gourmet foods, 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, write a book, or conduct 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.

With the proliferation of the Internet, new business opportunities in designing, 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
  -- 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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Computers
  -- computer consultant 
  -- maintenance service
  -- graphic design  
  -- Web site 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
  -- 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.

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