Would you like to start your own small business? If you are, you’re definitely not alone. Lots of people dream about going into business for themselves and getting away from the boss. Not everyone is successful, though. Some people just leap at the first opportunity that comes up without really considering what they are doing. It’s no wonder that so many businesses don’t make it past the first year or two.
So how do you know which business is right for you? There are a couple of logical starting points.
Firstly, do you want to work from home or elsewhere? Working from home sounds perfect if you have a family to take of or you want to avoid the ratrace. You need to ask yourself, though, are you the sort of person who can focus on your work with all the domestic distractions around you. It’s hard to stay motivated when you know that the bathroom needs cleaning. If you are out of the house it is much easier to ignore the demands of housework.
Would you prefer an online business or one that involves face-to-face contact? Online businesses can be run at hours to suit yourself but they can also be quite isolating. If you’re the kind of person who thrives on human contact you probably need more than purely online business.
So what kind of business appeals to you? You know, this is going to be a big workload for the first few years so I suggest that you start with something you really love. If you have a passion why not try building a business around that? You are going to be living and breathing this business for 24 hours a day so be certain you are passionate about what you are going to do.
Now that you have some idea of what appeals, you can do some research into it. You can’t start a business without knowing if it is likely to be viable.
*How much will it cost to set up?
*Can you afford the ongoing costs?
*Can you find suppliers?
*How do you know it will be successful?
*Do people need what you are offering?
*How many similar businesses are out there? Can you compete?
It pays to do this research before you go out and commit funds to your idea. Then you’ll know where you stand. Don’t let lack of funds hold you back, though. If your idea looks like a winner there are ways to start out without having to spend a lot of money up front.
Be passionate about your choice and enjoy your business.