If you ask most people, they will tell you that they want to start their own business. But the question is, what business is best for you? I have watched so many people get into business and fail. Part of the reason is that they follow everyone else in the latest fad that is out there. Simply because so and so was successful doing something, does not mean that you will also be successful doing the same thing. When starting a new business there are a number of issues one needs to take into consideration:
•What are you passionate about – if you are going into business doing something you like, you are more likely to succeed. But if you do something you hate, then you are likely to fail. I know that I love helping people develop themselves and achieve their potential. So it made sense for me to start a business in the personal development industry.
• What are your skills – Look at the skills that you have acquired over the years and consider how these can be used to earn you income. It is much easier to use the skills that you already have rather than try to learn a new skill for your business.
• How much money do you have to start your business- the reality is that starting a business takes money. Count the cost before embarking on a business. Most businesses run out of cash before they even open their doors. It takes so much more than just buying the product. This also applies to a number of online businesses I see advertised out there. They tell you that you can start with an investment of only $97.00. But they don’t tell you about the cost of registering your domain, getting an auto responder, the marketing cost etc etc.
However if you do find a business that is really suitable for you and you don’t have the money, I have found that, with sheer determination, you will make it happen. Real entrepreneurs find solutions and solve problems rather than remain victims of circumstances. So put on your thinking cap on and make it happen.
• Lifestyle – what kind of lifestyle do you want to lead. The “in thing” these days is the home based industry with flexible hours. Like I said before, this is not for everyone. You may be the type of person who needs to have people around you everyday and you enjoy going to an office and connecting with other people. That’s ok. So find a business that enables you to do that.
• Finally, running a business is not for everyone. Some of us are meant to work for others. Don’t be pressurized into starting a business when you are not an entrepreneur. Otherwise you are setting yourself up for failure. Running your own business takes persistence, consistency and commitment. If you don’t have these qualities, then don’t do it. Otherwise you are likely to quit when the going gets tough.
The bottom line is this. Don’t follow the herd, but look at what is best for you and your unique situation.