Finally deciding to start your own business is not the most important step in becoming an entrepreneur. It’s the next one that always confuses us. What kind of business do we start? What industry should we invest in? For some entrepreneurs, the kind of business they need to start is obvious. But for many of us, it takes a little bit more soul searching to find the business that fits our lifestyle, personality, skills, and knowledge.
Do you want a hydraulic business opportunity? Something to do with farming or construction? How about going into retail? Manufacturing? Do you want to be a distributor? Would a franchise do good for you?
Two Things Entrepreneurs Do Wrong
There are two things that people do wrong when choosing a business. First, they invest in a business they already know. For example, you’re a seasoned chef who worked a long time for a hotel or restaurant. The immediate reaction of people would be: “Why don’t you open your own restaurant?” And then, you’re thinking, “Yes, why not?” You think cooking in the kitchen and managing the whole restaurant operations are the same. They are not.
Second, they invest in products or services they have fallen in love with. There is nothing wrong with believing in a product, but others should also believe in them. It is hard enough to run a business. Don’t add to it by doing something you love rather than doing something customers are willing to pay for. There’s a huge difference.
Find a Problem to Solve
Many successful businesses grew because they solved a problem for consumers. eBay brought auctioning and selling of secondhand items to the Internet. Amazon sold books online, making titles accessible for those who didn’t have time to look for them in a bookstore. McDonald’s made burgers fast, offering convenience to its millions of customers. The whole concept of the business should solve a community’s or a group of people’s problems. You should offer a solution to your potential market.
Check Your Resume
What are your past experiences? What skills do you have? What are your strengths? Do you have any special skills that you can offer as a service? If you’re good at knitting, for example, you can start knitting winter clothes for babies. Handmade clothes are expensive, but if yours are made of quality materials, parents won’t think twice about buying them. Of course, they need to look good, too.
Consider Your Lifestyle
You will be very busy running the business. Do you see yourself staying all day long in the store? Do you want to have a little bit more free time? Consider your lifestyle before committing to the business that you want to invest in. Remember that you will likely be managing the business for a long time. This is going to be your full-time job. You have to enjoy doing it. You have to commit to it.
When deciding what business best suits you, do it one step at a time. Narrow down your options until you arrive at a favorable conclusion and choice. You don’t have to rush into one business. This is going to be a long-term investment of your money and time. You should think of it as if you’re deciding to marry your partner or not. That’s how complicated and messy businesses can be. You should be fully committed for it to work.