How To Choose A Business To Start

How To Choose A Business To Start

Posted on 13. Jan, 2013 by in Archived Post

Are you planning to get away from your nine-to-five job? My guess is that you are. Is the idea of your own business starting to be really appealing to you? Let me answer that for you……YES!!! Many people have been through similar stages and many have been successful in their chosen ventures.

But how do you start a business? How do you choose a business? Not only choose a business, but the right business for you.

The first thing you can do is to come up with the kind of business that is right for you. Be it traditional or virtual, the important thing is to know if the business fits you, your personality and your lifestyle. From a business and lifestyle standpoint, I don’t know if there is anything worst than investing a ton of resources into something that simply does not fit you.

Choosing a business can be a hard task, especially if there are plenty of ideas going through your head. Sometimes the more ideas you have the harder it is to decide. For example, I remember early on in the business selection process, I wanted to open a car wash, then I wanted to sell children’s books, then open a hair salon, then own wedding chapels, then a mobile billboard business, then become a website designer, then a website flipper, and on and on and on. Whatever made big money fast, that’s what I wanted to do. About 90% of my ideas, I never got close to starting….another 5%, I started, but quickly shut it down primarily due to not having a passion to see it through. Another 2 1/2%, I had the passion, but no resources. The remaining 2 1/2%, I had the passion, a little bit of money, but turned out to not be the right fit for me. In order to help you avoid wasting time and precious resources like I did, you need take some quiet time, sit down and consider the factors below.

Evaluate Your Passion

The first thing you have to consider is what you love to do….not like to do….but really love to do. If your business is based on something that you are passionate about, there is a big chance that you can make a success out of it. Being motivated about doing what you love is crucial. Your passion motivates you, so your business flourishes. Once you are motivated to work for your business, as your business grows and you add employees, you also motivate the people around you.

Consider Your Lifestyle

You should also choose a business the fits your lifestyle. Let’s say you are a single person, then you can be open to selecting a business that will require you to be away most of time. That is not going to be possible if you have a family to take care of. For example, during my selection process, I immediately ruled out any business that would require me to literally be away from my family for more that two or three days….so anything involving offline sales with out of town trips was “out of the picture”. Don’t get me wrong, starting your business WILL BE time consuming and relegate you to being in your home office, but at least you are a step or two away from your family. I missed most of the early years of my oldest daughter’s life and I can’t get that time back….it’s gone forever and that pains me to this day. I refuse (and I mean absolutely refuse) to make that costly mistake again.

Make Use Of Your Skills

This is a good way to start doing that. Starting a business based on what you already know or what you are already good at means there is less chance for failure because you are not jumping into unknown waters. If you have been working for a company for years, you can make use of the connections and relationships you have built in getting started on your own. You can also start taking advantage of the skills you have learned from your previous jobs. I’m a people-person and have been known to be one for most of my life. I enjoy interacting with people…..to see and understand how others think and feel is so interesting to me. Making others feel comfortable or uncomfortable (if needed) is what I do. So, blogging or customer support or sales would be a good fit for me.

Consider Your Financial Capacity

Getting into business is never a free ride. There is no such thing earning big without spending a single cent. Even if you are planning to set up an online business by freelancing online, you still need to invest in a good personal computer and a reliable internet connection. That’s just the tip of the ice berg. You will probably need to consider the cost of starting an LCC, obtaining legal advice, a CPA for tax purposes, and more. Consult a financial analyst if you are finding it hard to evaluate how much you can spend for start up. It took me close to 15 years to really understand the importance of receiving and paying for good financial advice…..it’s worth every penny, though.

Go For What’s Trending

It is always a good idea to create a business by selling products or offering services that are currently in demand. Freelancing is very much in demand; for example, there are lots of people looking for good content writers. If you have that skill set and can market yourself accordingly, you can do very well. You can also choose to sell gadgets, either online or offline, or you can do both simultaneously.

To Wrap It Up

The best part of choosing a business is coming up with the possibilities and then eliminating those that don’t fit based on our criteria above. After you have weighed the pros and cons, you will be left with the most ideal kind of business that will eventually provide you with passive income. For me, I have narrowed it down to blogging and real estate investing (we’ll talk about this later).

 

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20 Responses to “How To Choose A Business To Start”

  1. VahnCross

    06. Jun, 2013

    Freelancing is indeed great!

    A lot of people cut themselves short and have difficulty finding income because they have no idea that they can earn online. Being a merchant on Ebay has been also a trend in the recent years.

    But I was just wondering, can you earn by giving product reviews? Thanks. 🙂

    Reply to this comment
    • mpibadministrator

      mpibadministrator

      08. Jun, 2013

      Good question….let me do a little research. I think you can…..I believe I’ve seen gigs offering pay for product reviews on a few freelancing sites.

      Reply to this comment
  2. VahnCross

    08. Jun, 2013

    Actually, I’ve been writing reviews before on products but they came out like in article format like PRODUCT A vs. PRODUCT B. So it didn’t seem like a proper review, but a comparison and a bit biased sometimes. THANKS!

    Reply to this comment
  3. James

    14. Jun, 2013

    I’m not sure how I feel about product reviews. If you are paid to review it, are you truthful? I would think that most people being paid to review an item would automatically give it a good review. Am I wrong?

    Reply to this comment
    • Big Dave

      Big Dave

      14. Jun, 2013

      That’s tough to judge as we don’t really know everyone’s intention or motives. First, who is paying for the review? If it’s the owner/developer of the product you are reviewing, then naturally there will be a tendency to put a positive spin on the review….but there are some folks that will simply tell is like it is and write an honest review. Regardless, the truth about a product will eventually come to light.

      Reply to this comment
      • VahnCross

        15. Jun, 2013

        Honest reviews are the best and often get high credibility ratings. That’s because what they say are trusted by consumers more and I think most companies understand that. Though certain groups may specify to leave out the cons of their given product.

        Reply to this comment
    • VahnCross

      15. Jun, 2013

      Not necessarily. Most review articles come from 3rd party companies and it doesn’t necessarily mean that you have to praise the product if it isn’t praise worthy. For example, I wrote a review about Kindle Fire VS iPad VS Samsung Tablet. Even though being a huge Samsung fan, I gave it to the iPad in the end because of a number of its stats. Good reviews aren’t the ones who praise the product with such detail but also point out the flaws of the product thoroughly.

      Reply to this comment
      • Big Dave

        Big Dave

        16. Jun, 2013

        “Good reviews aren’t the ones who praise the product with such detail but also point out the flaws of the product thoroughly.” – I completely agree…..

        Reply to this comment
      • John

        26. Aug, 2013

        Couldn’t agree more. Whenever I look at reviews, I immediately ignore anything that’s 5 stars or 1 star. The useful input is in the details behind the review.

        Reply to this comment
  4. Sky

    16. Jun, 2013

    Good advice. I’ve chosen to make blogging and freelancing my online businesses because writing is my one true passion and if I can get paid to do that, then I’m going to give it everything I have!

    Reply to this comment
    • Vahn Cross

      17. Jun, 2013

      That’s right! It’s incredible how much money freelancing and blogging can bring, at times, even ridiculous amounts. I’ve been ghostwriting online as a freelancer and you can earn up to $100 to $200 every week if you’re lucky.

      Reply to this comment
      • Sky

        27. Jun, 2013

        That’s great! Care to share some tips/advice on where/how you’re getting all that work?

        Reply to this comment
  5. Mike

    07. Jul, 2013

    Hi there,

    Going from your post I think I’d like to start a career in freelance writing/travel blogging. In the long term using the blog to earn money.

    I’m unsure about what kind of platform I should start these off on. Like an amateur website to try it out? Or should I invest in a proper website, spend a bit of money on the design? Is it wise to combine them and have a freelance portfolio on the same site as my travel blog or to separate them as individual entities?

    Reply to this comment
    • Big Dave

      Big Dave

      09. Jul, 2013

      Good questions, Mike….If you have the funds, investing in a well-built website is the way to go. Remember, first impressions are lasting so you want to try your best to get it right the first time.

      Reply to this comment
  6. Mike

    14. Jul, 2013

    How much do you think a well built website costs? Or what is a reasonable amount you’d be expected to cough up?

    Reply to this comment
    • Big Dave

      Big Dave

      14. Jul, 2013

      That depends on a variety of factors such as how many pages, template, design and more. You will need to have a fairly good idea of what you want….could be as low as $100 up to $1,000’s.

      Reply to this comment
  7. nomansalehzada

    14. Jul, 2013

    Nice ideas, investment is the main problem when you want to start any new business, you indicated some freelancing sites, What will you suggest to write for well-established sites like About.com if you do not have enough founds to start your own blog? Getting paid on freelancing sites is also getting difficult these days as you are competing against freelancers globally.

    Reply to this comment
  8. Ali Raza

    21. Jul, 2013

    Being tough on my daily routine i want to start one which require comparatively less time

    Reply to this comment
  9. John

    26. Aug, 2013

    The initial investment is always difficult to come up with, nevermind figuring out how much you should invest up front.

    Reply to this comment
  10. Charlotte

    29. Aug, 2013

    This really puts things in perspective. It’s rally difficult to get moving– especially if you’re working a job, going to school or raising a family. This outline is great for those of us who sometimes have to walk away from a project for months at a time.

    Reply to this comment

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