How to Pick the Right Business For You
As a consultant to prospective entrepreneurs/small business owners, I am often asked, “how to pick the right business to start.” In many instances folks are looking for that magical answer that will lead to the next Facebook, Google or NetFlix. On the other hand, I have read many articles that address this question and provide a laundry list of businesses that are easy to start (i.e. virtual assistant, blogger, network marketing, etc.). Even though the magical idea or blogging have provided business opportunities for others, those same opportunities may not fit within what you want to do, are skilled to do or have the resources to do. Your choices for starting a business are not limited to the magical idea or doing something that does not fit your interest.
Here are 3 tips for starting the right business for you.
Inventory Your Skills
Most people have acquired skills as a result of their work experience, hobbies or out of necessity to fulfill some personal need. One of the best ways to identify a business for you is to inventory your skills and develop income producing opportunities for those skills. A client in one of my entrepreneur classes was laid off his job as a skilled pipe fitter. Many of the skills related to the job were compatible with those required to be a plumber. He happened to be visiting a neighbor when the neighbor’s sink pipe burst and he performed the repair. The neighbor told other residents about my client repairing his problem and soon afterwards he was receiving regular request. Subsequently, my client formerly started his plumbing business.
There is one small caveat with having the skills. That is, you should also like what you are doing. My wife has a penchant for changing the color scheme in our home. As a result, I have become very good at painting. However, I dislike painting very much and have no interest of desire to do it as a job or business. In all likelihood I probably would not be very successful in the painting business.
Assess your skills, identify those that you like doing and develop a revenue opportunity from them.
Turn a hobby into revenue
A friend of mind’s wife loves fashion and styling. She always dresses in the latest styles, is an avid Instagram and Pinterest participant and provides lots of fashion advice to her friends. Because she wears current fashion trends, her husband occasionally is taking her clothes from previous seasons’ trends (some of which were new, with the tags still on) to organizations as donations. After hearing his wife repeatedly speak about how much she would like to be in the fashion business, he convinced her to begin selling some of the clothes she had for donation (particularly the new ones) via the internet and home parties. She is now selling her clothes, using Instagram and Pinterest for promotion and is well on way to establishing a real business that’s an outgrowth of her hobby and passion.
When looking for the right business for you assess things you enjoy and identify opportunities to develop them into a business.
Identify a problem you have and find a solution
Sarah Blakely, the founder of Spanx, who upon looking unsightly in her pants, decided to cut the feet out of a pair of pantyhose and wear the remaining portion under her pants. She realized the pantyhose made her garment look sleek and smooth. As a result, she developed an undergarment for women (and now men) which is the number one must-have in every woman’s wardrobe and created a $250 million business.
Your unresolved problem or one that is not being resolve adequately, may be the same as many others and might be the ticket to your business start. Remember, all businesses are built around solving a problem for the market place, and those businesses that solve the problem best are the ones that win. That problem that unnerves you, even when you think about it, is worth examining for a business opportunity.
Finding the right business for you is the first step in starting your business but it does not stop there. What to do, when to do it, and how to do it are the next steps to starting a successful business. Find the right business, start it the right way and you are on the road to riches.
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