Many of us dream of having the luxury to choose our own work hours, have a flexible work location and set our own salary. This is not an unrealistic goal. If you’re serious about starting your own business, but have no idea what type of business you should start or how to start then this article is for you. Here are some useful tips to get you started.
Time to start your new business
It’s time to start thinking about that new business you’ve been contemplating. You know you want to start a new business but don’t know what type of business they should start. I cannot tell you the answer to that question. Ultimately, you have to answer. I can’t tell you what business to start, but I can help point you in the right direction.
Grab a piece of paper and a pen and let’s get to work.
What are your passions?
Do you have hobbies? What do you like about these hobbies? What excites you? Start jotting down things you are passionate about in a list format. Next to each item, write a sentence or two about each of them. You could also write down some key words about why you like it.
For example, maybe you love to cook and try new recipes. Maybe you love to make these meals an experience right down to the table setting and the ambiance. You love to create mini-events for your friends and family. With all these key words that we have about what you love to do, maybe a career in the catering business or event planning business could be a consideration.
Think about the items on this list you have created. Could they be turned into a potential business? You might think you don’t have any passions, but you do; it just takes time to discover them.
Whatever you decide to do, be sure you love it and are passionate about it, because being an entrepreneur is exciting, exasperating, creative, rewarding and exhausting all at the same time!
You’ll be putting a lot of time into your new venture, so it’s important that you are passionate about what you do.
So write down those key words and, later, go back to your list. Flesh it out and see what you get. Sometimes when you come back to an existing idea, it will spark another idea and send you off in a new direction.
OK, you have some keywords and maybe a basic idea, but is there something else you could do? Answer some simple self-assessment questions. Just write down whatever comes into your mind. Don’t over-think it, because your first response will usually be your best response.
- Write down five things you like to do and then five that you don’t like to do.
- Write five things you enjoy about your work and five things you don’t like about your work.
Another technique is to talk to your friends and tell them that you are looking to start your own business but you haven’t figured out what kind of business to start. Ask them their thoughts.
Many times we are our own worst critic. Meanwhile, there could be so many things you excel at that you don’t notice–but your friends and family do. They know what you’re good at even if you don’t. So get them in on it; you may be surprised at what they come back with.
I hope this list will help give you some direction into a new career. But keep in mind that your new career or business could be something totally new that you’ve never tried before. That’s OK. There’s no failure in trying; the only failure is in not trying at all.
My mantra has always been research, research, research–and then research some more. I have spent countless hours researching so many different subjects and aspects of my business.
You can do the same to try to hone in on what business to start. Use the internet to research the business you are interested in. Research the different companies that are already out there. What services do they offer? Are there many of them? What’s unique about them? Searching the internet can also help you discover more about what is involved in running a particular business. It might also trigger an idea for a service or another business that may have been overlooked otherwise.
Do research on what is expected or needed for your particular business; this can give you great insight into the inner workings of that business. How are the trends looking for that type of business? Is the need still high for the niche you are looking to fill?
After some research, you might find out your initial idea is not a fit for you. Then again, you may find that it’s a perfect fit.
Come back to it later
One thing I have learned is that when you hit a dead end, just stop. Walk away from it. That was a hard lesson for me. I would keep researching for hours and become totally frustrated. When I finally walked away and came back to the research the next day, typically I found what I was looking for within 10 minutes.
I hope this will help you on your way, and I wish you success in all your future endeavors.