If you’re having problems knowing the right business to start, you’re not alone. Millions of aspiring entrepreneurs suffer from this same issue.
Choosing a business is more than just going for the trending business or the opportunity that looks more promising for others. Business is about personality, the right business for one person may not be the right business for the next.
Your personality, habits, interests, and goals are some of the factors that make starting a business unique for everyone. And that is why in this piece, you’ll not be seeing the common “top businesses to start” but rather ways to tell the right business to start.
1. What Are You Passionate About?
This question helps you focus on your passion. Starting a business you’re passionate about will reduce the chances of burnout and boredom when things become tough.
One of the major reasons many people quit their jobs and businesses is a lack of passion. Passion can keep you going when it becomes difficult.
List down all the things you’re passionate about, is there an existing business linked to that passion out there? Is there a way to create a viable business out of your passion? Now, not every passion can be converted to a valuable business, so critical thinking is necessary.
2. Time Available and Needed
Time on its own is a huge factor in many things, more so when it comes to starting a new business. To decide the right type of business for you, check the time needed to run that business against the time you’re willing to invest in the business.
A new business requires time, some businesses more than others. You want to choose a business that matches the time you have available. Some businesses require you to put in more time to grow it while others can survive as a side hustle.
Do you want a full-time business or a side hustle? Answering this question will guide you.
3. Consult Your Resume
Your resume is a good place to start when looking for a business. It contains some of your key attributes including the skills you possess.
List your skills, whether related to your work or not. These are things you are good at; some of them can lead to the right type of business suited for you. Abstract skills are not left out; get a list of some additional skills and qualities you possess.
Do your friends come to you for relationship advice? Are you a critical thinker always looking to solve a problem? All these can be a great stepping stone to finding just the right business for you.
4. Access to Funding
Before you jump on that business idea, consider your access to funding. Can you raise enough capital to start and run the particular business till it becomes profitable?
While some businesses require minimal capital to start, some others will require considerable investment. You should first check how much is required to start the business and how much you can invest in the business. This will show you if that is a viable business idea for you.
You don’t want to start a business and run out of funds before it becomes profitable.
5. Speak to Entrepreneurs in the Fields You’re Considering
Nothing beats first-hand experience; no amount of analyzing will beat learning from people already doing what you want to do. You can learn what it took them to reach where they are, how their lives changed after they started their business, and many more.
This will put you in better stead and allow you to prepare yourself for the journey ahead. Another useful tip is to learn from your potential competitors. While others are making enemies from their competitors, you should seek to understand how the business works from them.
Getting Started
After you must have analyzed the different attributes listed here you’ll find a couple of niches you’re interested in. The next step is finding the right businesses in those niches, check Business Definer for possible businesses you can start based on your chosen niche.
Starting a business may be challenging at first but with the right planning and execution, it can become a profitable venture for you.
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at shiv@moneytap.com.
