Choosing the Business That is Right for You
Choosing the Business That is Right for You
There are several ways to determine what type of business is right for you.
Hobbies and Personal Interests
First, consider something in which you are interested (this may seem obvious).
It could be from your hobbies, life style or leisure pursuits. Or, it could originate from something in which you have always had an interest.
A person who enjoys cooking may want to open a restaurant.
A musician may want to open a music store.
An individual with a passion for reading may want to open a bookstore.
Someone who enjoys floral arrangements may want to have a flower shop.
Your chances of succeeding are much greater if you have a passion for the type of products or services that you will be offering.
If you don’t know that much about a particular field, but have a genuine interest in it, do some research - that will either validate that this is what you want to do or prove that this is just not the right type of business for you.
Experience and Expertise
Second, investigate opportunities that compliment your work experience and your areas of expertise.
For example, our musician friend would likely be more successful operating a music store than an auto body shop.
A machinist would probably be more successful running a tool and die shop than a fitness club, and so on.
The task of starting and successfully operating a business can be daunting enough.
However, it becomes a lot easier if you already have some experience with the products or services in that industry.
Technology or Product Voids
Look for voids in technology. Look for ways to do things better.
For years my wife has been saying “wouldn’t it be great if someone could invent a robot that would do the vacuuming”. Well someone else must have been thinking the same thing, because now we have robots that vacuum the floors.
Look for ways to improve upon existing products. For years, teenagers carried around portable CD players and CD’s to listen to music. Then MP3 players were invented. People can now download their favourite music and carry a much smaller device with greater capacity.
Marketplace Voids
Also, search for voids in the marketplace.
Look at your town or geographical region. What is missing?
Listen to what the local people are saying. Talk to neighbours, friends and former employees. What are people saying would be great to have in your town?
Talk to distributors, franchisors and professional contacts. Attend trade shows.
Perhaps your town needs a Greek restaurant, a hardware store or a wheelchair accessible taxi service.
Assess the Competition
Examine those existing businesses that could soon become your competitors. Are they weak or are they strong? Are they doing well or just surviving? Can your town support another one of these businesses?
Can your town sustain another bowling alley, car rental agency or courier company? If not, then you would be wise to consider other options.
Industry Trends
Carefully examine the trends of that industry. Do the research.
Is this a growing industry, a mature / “flat” industry or a declining industry?
Would you rather be in a growing industry or a declining industry? The answer is obvious.
There are more opportunities in an industry that is growing than in a declining industry, where the existing companies are fighting for survival.
Summary
One of the biggest mistakes that individuals can make when starting out in business is not taking sufficient time to pick the business that is right for them.
If you have an interest in a particular industry or type of business, take the time to do the necessary research. Become an expert about this industry, your geographical market, the competition and local business conditions.
It will pay dividends in the end. Remember, you are planning to have this business for a long time.
I wish you much success with your new business.
Choosing the Business That is Right for You - To learn more about this author, visit Mike Pendrith's Website.
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Sometimes when an individual wants to start their own business, they are not quite sure of what type of business that should be.
There are several ways to determine what type of business is right for you.
Hobbies and Personal Interests
First, consider something in which you are interested (this may seem obvious).
It could be from your hobbies, life style or leisure pursuits. Or, it could originate from something in which you have always had an interest.
A person who enjoys cooking may want to open a restaurant.
A musician may want to open a music store.
An individual with a passion for reading may want to open a bookstore.
Someone who enjoys floral arrangements may want to have a flower shop.
Your chances of succeeding are much greater if you have a passion for the type of products or services that you will be offering.
If you don’t know that much about a particular field, but have a genuine interest in it, do some research - that will either validate that this is what you want to do or prove that this is just not the right type of business for you.
Experience and Expertise
Second, investigate opportunities that compliment your work experience and your areas of expertise.
For example, our musician friend would likely be more successful operating a music store than an auto body shop.
A machinist would probably be more successful running a tool and die shop than a fitness club, and so on.
The task of starting and successfully operating a business can be daunting enough.
However, it becomes a lot easier if you already have some experience with the products or services in that industry.
Technology or Product Voids
Look for voids in technology. Look for ways to do things better.
For years my wife has been saying “wouldn’t it be great if someone could invent a robot that would do the vacuuming”. Well someone else must have been thinking the same thing, because now we have robots that vacuum the floors.
Look for ways to improve upon existing products. For years, teenagers carried around portable CD players and CD’s to listen to music. Then MP3 players were invented. People can now download their favourite music and carry a much smaller device with greater capacity.
Marketplace Voids
Also, search for voids in the marketplace.
Look at your town or geographical region. What is missing?
Listen to what the local people are saying. Talk to neighbours, friends and former employees. What are people saying would be great to have in your town?
Talk to distributors, franchisors and professional contacts. Attend trade shows.
Perhaps your town needs a Greek restaurant, a hardware store or a wheelchair accessible taxi service.
Assess the Competition
Examine those existing businesses that could soon become your competitors. Are they weak or are they strong? Are they doing well or just surviving? Can your town support another one of these businesses?
Can your town sustain another bowling alley, car rental agency or courier company? If not, then you would be wise to consider other options.
Industry Trends
Carefully examine the trends of that industry. Do the research.
Is this a growing industry, a mature / “flat” industry or a declining industry?
Would you rather be in a growing industry or a declining industry? The answer is obvious.
There are more opportunities in an industry that is growing than in a declining industry, where the existing companies are fighting for survival.
Summary
One of the biggest mistakes that individuals can make when starting out in business is not taking sufficient time to pick the business that is right for them.
If you have an interest in a particular industry or type of business, take the time to do the necessary research. Become an expert about this industry, your geographical market, the competition and local business conditions.
It will pay dividends in the end. Remember, you are planning to have this business for a long time.
I wish you much success with your new business.
Choosing the Business That is Right for You - To learn more about this author, visit Mike Pendrith's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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