Posted Under: Business, Planning, Small Business, Startup

I want to start a business but I don’t know what business to start… It seems all the good ideas have already been taken… How do I know which business to get into…? This is a very common dilemma among the budding entrepreneurs’ community…and a question that I come across more than often… They want to start something but do not know what to…Many of us fail because we do not start the right business, so what is the right business to start?

Your Interests: Think about what you love and what you’re really passionate about. You want to the business motivating and enjoyable. If you don’t love it, why bother? What’s the point of taking all the pain of starting a business…better stay in that cubicle where you get a steady pay-check every month… If you don’t like it, then you will never have that drive to make it succeed. Plus, a new business has its own challenges like feeling or actually getting underpaid at times, being responsible for everything…hey you’re the BOSS now…so be very very very careful in choosing what to start. Rule of thumb, if you don’t like it, then chances are you won’t succeed in and/or with it…

Your Experiences: What have you been doing all these years? What do you know? What can you do and what are you best at? Answer these questions to yourself. By having prior knowledge and experience in the industry you are starting a business in, you’ll have an upper hand on things like industry contacts, competition, trends and seasonality, training and hiring employees et all. Choose a business that your education, experiences and background would complement, and you’ll have better chances to succeed…

Your Goals: What do you want to achieve? You have to think about the future and consider what you really want to get out of this business. What are your financial goals and how do you personally define success in your own life? Do you just want a small second stream of income that helps you pay the bills or do you want your venture to grow into a multi-million dollar company? Answer these questions and prioritize your goals, which will help you answer the bigger question – what business to start?

Your Personality: Who are you? What kind of personality are you? What kind of people do you want to work and be surrounded with? Find a business that meshes with your personality and lifestyle. You don’t want to start a snorkeling club, if you hate water…Do you? Think about it… What kind of person are you and what kind of lifestyle do you have? Look for an opportunity that helps you stay who YOU really are.

Good luck!