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 applications, 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. Â To have an idea if your product or business niche will be profitable, it is important to know the current business trends.
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 their 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 | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ |
| Handicrafts — silk flower arranger — ceramics — jewelry design — collectibles broker — gift basket | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ |
| Travel/Entertainment — bed & breakfast inn — limousine service — party planner — videographer — tour operator | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ |
| Personal Services — beauty salon — dating service — image consultant — financial planner — genealogical service | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ |
| Web and Computers — computer consultant — app developer — graphic design — website developer — database consultant | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ |
| Healthcare & Fitness — aerobics instructor — medical transcription — daycare for seniors — diet clinic — home healthcare | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ |
| Wholesale and Retail — antiques dealer — children’s clothing — catalog retailer — florist — pushcart | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ |
| Business Services — event and meeting planner — turnkey office — public relations — incorporation service — temp service | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ |
| Your Own Service — ________________ — ________________ — ________________ — ________________ — ________________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ | _________ _________ _________ _________ _________ |
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.
Take a look at the details of these important factors:
- Size Of Your Bank Account: When starting a business, your bank account would dictate how much backup and capital you can provide in funding your business. While you might be approved for a personal or business loan, you want to make sure that you have a solid source of funds in case an emergency situation arises.
- The Potential Pay-off: You want to ensure that your business will gain good profits. That’s why market research and answering the above assessment sheet are essential steps you have to take so you can come up with the best final decision as to what business niche or product is worth venturing into.
- Nature Of Work Activities: This aspect is a vital consideration when starting your own business. You need to invest your time, effort, resources, and make sure that your day-to-day business operations are smooth and enjoyable at the same time. You don’t want to end up too stressed and burnout managing your business every time. That’s why hiring the right number of employees that are competent enough to carry everyday tasks is important.
- Your Work Experience: Considering your past work experience so you’ll have a good foundation if you already tried working in a similar industry or niche. Also, you’ll have an idea of the possible problems that you may encounter and how to resolve them. For instance, your past experience working as a chef in restaurants abroad will give you insights as to how to best manage your own restaurant business.
- Your Personality, Attitude, And Opinions: Remember that your thoughts and emotions matter when putting up a business. It is your perception of success and failure that will give you the drive to revamp your sales and marketing strategies and carry out your business plan.
Be a smart entrepreneur. Take into account the tips and considerations shared above and use them as your reference to start a successful business.
Recommended Books on How to Select a Business to Start:
- The Business Idea Factory: A World-Class System for Creating Successful Business Ideas
- 25 Money-Making Businesses You Can Start in Your Spare Time
- Business & Start-up Ideas: A Comprehensive Guide: A comprehensive guide on business and start-up ideas based on coaching over 1,000 entrepreneurs.
- 101 Small Business Ideas for Under $5000
- 201 Great Ideas for Your Small Business
- How to Get Ideas
