Here are seven areas to consider when trying to determine which business is right for you. You should sit down with pen and paper and examine these experiences by making a list in the following categories:
1) School experience – What was your favorite subject in school? What did your school teacher say about your talents and capabilities? You may not realize it but you have some background in certain subject areas that you can use to run your own business. Let’s evaluate some of your classes to see what experiences we can gather from the courses that you took while in school. You may have a lot of training in areas such as interior decorating, computers, accounting, catering, auto mechanic, and photography. Now would you like to start a business in any of these areas?
2) Work experience – What jobs have you held either currently or in the past that you enjoy? You can use the skills from these jobs to run your own business. Review your evaluations for your strengths that may be transferable to your business. You are probably doing something unique that no one else is better at doing than you. If so, why not establish your own business offering this same type of service. Do you have cooking experience? Why not establish your own catering business. Do you like working in sales? Then choose a product that you would like to sell to the public and offer it in your business.
3) Money – Does money matter when starting a business? The answer is “Yes, money matters.” If you have the amount of money you need to invest in a business, you are more likely to be successful in it. Having enough money to finance the business is a major factor in the success of the business.
4) Interests and hobbies – Knowing your likes and dislikes is helpful in choosing the right business. What are your hobbies? Examine your hobbies to see if any of them can be turned into a business. For instance, if you like working with plants and arranging flowers as a hobby, you can probably start a flower shop. This way you can do what you enjoy and get paid for it.
5) Volunteer – Where have you volunteered your time and service in the past? What did you like most about it and what did you learn from it? Examine the places where you did volunteer work to see what you gain from it and whether or not you want to turn this experience into a business venture.
6) Skills – Try to get enough skills so that you will not make fatal mistakes that could cost you a lot of money later as the business progresses. Once the business is started, you can hire other people who have the skills and strengths that you lack. Most managers do not come into the business with knowledge and experience in all areas of the business.
7) Personal skills and experiences – Certain skills and experiences are critical to the success of a business. Since it is unlikely that you possess all the skills and experiences needed, you’ll need to hire personnel to supply those you lack. There are some basic and special skills you will need for your particular business.
By: Dr. Mary E. Waters
© 2010 Business Broker
