Starting a business is without a doubt an exciting adventure. For most, it’s a personal reinvention like no other. Making the decision to become an entrepreneur has literally changed the lives of millions but before you open a checking account, create a website, or tell your friends and family what you’re up to you’ve got to decide what kind of business you want to start first.
Some people just know. They know deep down in their soul what they were made to do. Maybe a Consultant, Interior designer, or Writer. Others have an idea of the area they want to be in but not the specifics. That was me after high school graduation. I knew the area I wanted to be in (ART) but not specifically what I wanted to do which eventually became photography than many years later coaching.
But the reality is that most people I speak with know they want the results of owning a business. They want the freedom, schedule, and financial opportunity, but don’t know what they want to do to achieve that lifestyle.
Knowing where to start can be the most difficult step of all. Starting a business seems so final but It’s not. Nothing is set in stone. In today’s business environment, many businesses are being started with little or no money but even businesses that take capital to start, if you invest in proper planning, the risk factor becomes very manageable.
How to start figuring out what’s best for you.
Think about your interests and passions. What are you passionate about? What do you enjoy doing in your free time? These are great starting points for brainstorming business ideas.
Consider your skills and experience. What are you good at? What have you done in the past that you've been successful at? These skills and experiences can be valuable assets in your business.
Do your research. Once you have a few ideas, it's important to do your research and make sure there's a market for your product or service. You can do this by talking to potential customers, conducting surveys, and looking at industry data.
Talk to other entrepreneurs. There are many resources available to help you learn more about starting a business. Talk to other entrepreneurs in your field and get their advice.
Don't be afraid to fail. Learning from failure and having the grit to get back up is a part of the entrepreneurial journey. Yes, often fear can come into play here. Your head might be screaming; What if what I choose turns out to be the wrong thing? Will people make fun of me for my crazy idea? What if my idea fails?
These are legitimate questions but if you start something and it’s not quite what you thought it would be, you can almost always pivot that idea to something else. That’s the advantage of starting small and learning as you go.
Here are some final tips for finding the right business idea: Look for a business that solves a problem. People are more likely to pay for a product or service that solves a problem for them. So, think about the problems that people in your target market are facing and see if you can come up with a solution.
Find a business that you can be passionate about. Choose a business that you're excited about and that you can see yourself working on for the long term.
Find a business that you have some expertise in. It's always helpful to have some knowledge and experience in the industry you're planning to enter. This will give you a head start and make it easier to get your business off the ground.
Starting a business is a big decision, but it can be very rewarding. By doing some planning and research, and following these tips, you can really increase your chances of success.
If you’re in a place where you want to create your own financially successful business but don’t know where to start, I can help. I offer both one on one discovery sessions as well as my Find Your Perfect Business Idea Program to get you started on the right foot.
Have some more questions? I would really like to help! Message me.
Let’s Chat! Dave
Comments