Are you interested in starting a business - but you're not sure which business is right for you? This brief tutorial provides tips and resources for new entrepreneurs on how to start a business - the right one.

1. Remodeling
Bookkeeping Party Planning
Starting a Business:
What is the Best Business for You?
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2. “What is the Best Business to Start?”
This is a common question - and the answer is
different for everyone. What it comes down to is
that if you want to start a business, it needs to
involve an activity or field you enjoy.
It will be to your benefit to have knowledge and/
or skills in your area of interest. That said, you
will probably find that you already have
developed a certain level of skill and experience
in your area of interest, since (of course) you like
doing them.
In addition to liking what you do, your business
must provide value to consumers. The greater the
value your business provides, the more the
market will want it and thus, pay you money.
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3. Write 2 Lists
Put together 2 lists: (1) what you do best and (2)
how these things will benefit other people.
Next, begin brainstorming. Your great idea will
be a combination of items from both lists. Use a
technique called "reverse thinking", where you
start with a standard action, outcome or response
in a certain situation and then imagine the
opposite happening. For example, iced coffee
drinks vs hot coffee.
After you have done your brainstorming, think
about the existing market in regards to your idea.
Is there a business that already offers similar
services? What's the competition like? Does your
idea truly offer value to consumers? Give your
concept a reality check to make sure there’s a
market for it.
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4. 1. Hands-On Work
Hands-On or Craft-Type Work:
Do you enjoy building or repairing items? Are
you handy or artistic? Are you curious about
how things work?This can include businesses
like
candle making
photography
cake decorating
website design
makeup artistry
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5. 2. Creative Work
Creative Work:
Are you creative or enjoy solving puzzles? Do
you find it easy to think outside the box and find
interest in new and different ideas? This can
include businesses such as:
blogging
writing cookbooks
creating gift baskets
financial planning
floral design
opening a travel agency
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6. 3. Customer Service
Customer Service Businesses:
Are you a social person who enjoys being around
and meeting new people? Do you like helping
others - even people you don't know? Would you
rather work in a group or around others than
independently? Examples of customer service
type businesses are
running a bed and breakfast inn
life coaching
operating a beauty salon
property management
massage therapy
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7. 4. Teaching
Teaching Careers:
Do you find it rewarding to teach others? A
teaching career goes beyond teaching traditional
classes in a classroom. Businesses can include:
daycare business
tutoring or seminar programs
computer training
coaching
writing “how-to” books
personal training and more...
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8. 5. Detail-Oriented Work
Detail-Oriented Work:
People interested in detail-type work typically
like working with numbers, data or doing
research. They tend to choose businesses like:
bookkeeping
medical billing
proofreading
tax preparation
genealogy research, etc..
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9. Differentiate Yourself
Study your ideal customers or “target market”
prior to starting a business so that you
understand what they want. Success becomes
easier when you have more definite answers and
you’re not just guessing.
Next, create a USP (Unique Selling Proposition)
which sets your company apart from the rest of
the marketplace.
Focus on standing out: you will have a greater
chance of succeeding (presuming people like
what you sell). Individuality is critical. Make
your business original through your style,
location, method of implementation, etc..
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10. Let Other People’s Mistakes...
Work to Your Advantage
Don't re-invent the wheel. Although you want to
stand out, you also want to "copy" the successful
strategies of others. Take a look at methods that
have worked for other companies. Why not try
the same thing?
Don’t forget to take note of the failures - so you
don't repeat the identical mistakes. Review recent
issues of magazines like Entrepreneur or Inc to
read articles about successful business launches
and their mistakes.
Additional important factors to consider as you
start your business include ease of entry, growth
potential and seasonality. Will these factors have
a big impact on your goals?
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11. Create Your Plan of Action!
Once you have determined that you have a
money-making concept, you want to put together
a business plan.
This helps you figure out start-up costs, the time
and expense needed to operate your company,
how you will locate buyers- plus you can see a
projected financial time line for your company.
(All essential information for a start-up)
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12. Get Instructions on How to Start a Business
As with any task, it's easiest to learn from those
who have already achieved success. However,
finding experts willing to share information,
knowing which questions to ask and actually
getting professionals to give you the time of day
can be a little more difficult.
Business Start-up guides are the next best thing to
locating a real live expert. They can be much easier
and just as effective at getting you the information
you need to successfully launch your company.
Guides include an outline of the steps you need to
take to start and manage your business. (Tip: check
that the author is an expert in that industry or that
the advice given is from field experts).
You can sometimes find them at your local library,
bookstore or here.
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13. What Next?
If you want to get a list of businesses that match
your interests, skills and experience, use the
Small Business Finder. It’s a free too that you can
use to find the best business for you.
One last tip: consider gaining experience prior to
starting a business by working for someone else
in your industry. You can develop valuable skills
and increase your knowledge that can help you
overcome obstacles you encounter when running
your own company. And - it’s essentially free
training.
Jackpot!
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