There is millions of businesses around the world thriving in a conventional way, on top of that there is millions of start up ideas taking new action into the workforce.
With so many options how do you find the business that is right for you?
How do you find a business that can balance your happiness, your self respect, and your pocket book all at the same time. It’s tricky, but by asking these five crucial questions about what type of business you want to start, you can start to narrow it down much more.
Always remember, business is rarely about a great idea. It’s about working harder and smarter than your competition. Don’t worry too much about the business being original, focus more on it fitting your needs and having a strong market where you open it at.
1. What business would you attempt to do if you knew you could not fail?
I love this question, every businessman and businesswomen should ask them this at some point. You might be surprised what you really want to do. For me it’s generating new energy and making better residential sky scrapers.
2. What are your favorite three things?
By finding what your three favorite things are you can narrow down what type of businesses will hold your interest. Trust me, working 18 hour days at a job you find boring and meaningless will not last. For me it was music, computers, and helping business. I took out music and now run a great web hosting company in LA.
3. How much are you willing to risk?
Every business has risk in the beginning and might always have some risk. But with all the risks most new businesses will tackle, none is more prevalent than your start up costs. In some cases starting a business be 100’s of 1000’s of dollars with no guarantee you will even make it back. Most businesses require a major loss verse long term profits. For example, a casino can cost 200 million to build with hopes to start making a profit 10 years later.
4. Are you willing to work there?
Eventually a well oiled business will run itself but at first you will need to gets your hands dirty, really dirty. So if your thinking about opening a new adult book store chain keep in mind if you are will spend time there and be a part of the staff. Another example is a business with lots of kids, can you handle the noise and chaos? I know I couldn’t!
5. Do you want to sell it?
There is really two major types businesses now. (Not Brick and Morter or Virtual.) It’s either a business you want to keep for a long time, or a business you want to sell. The trend is becoming more a gamble for a big pay off. Millions of Apps are coming out each year in hope Yahoo or Google will snatch them up. The issue is you normally have to give your service for free to build a following and spark interest. This means no profits for what could be a really long year or two.
I personally don’t like the sell out model, it’s just to risky and gambley. I prefer to create a solid long term business that either I can run or have a group of trusted people run it for me. Like a barber shop or wine shop or in real for example a web hosting company.