Some people know what kind of business they want to start long before they're ready to call themselves entrepreneurs. For others, the decision to open a small business comes before they've settled on exactly what they want to do.
Determining which direction to take your entrepreneurial venture can be a difficult task, I’m about to show you how to figure it out.
A creative person could build a business from scratch, purchase an existing business, start a franchise store; or even become a distributor for one of the major brands. Whatever the case, there are several necessary steps involved in figuring out what business you want to start.
List Your Interests
This will help you focus on businesses that will provide the greatest probability for success and eliminate possible failures. Those interests can be anything from hobbies, such as making people laugh.
Other things to consider include working with personal finance, services industries, such as a delivery service or office cleaning business, and computer work, such as writing internet content or graphic arts.
List Your Skills
Think carefully about the key skills that you have in various aspects of your life and work. It’s useful to think of skills as something you can actively ‘do’ or practice.
Get a piece of paper and write your skills down. It doesn’t need to be an exhaustive list but you should aim for a good selection across the various areas of your life and work.
Assess Your Personality
Are you a people person, or do you enjoy working alone? Do you love to serve others, or do you find people a pain? What age groups do you enjoy serving? One ingredient that is sure to lead to failure is a reclusive or abrasive personality.
Think about the people that you have met in business. Who were the ones that you wanted to give repeat business to?
Determine The Risk Involved
Going into business can be scary; especially in the first couple of years. Some businesses are scarier than others. Be as realistic as possible.
Determine The Timeframe
Determine how much time your business will require, and ask yourself if you are willing to commit the time.
Many businesses require a huge time investment. Can you and your family tolerate a twelve or fourteen hour day schedule?
Attend Seminars
An excellent place to start is SADC (Success Attitude Development Center). The seminars are known as “Be Your Own Boss Seminars”. These kind of Seminars will open you up to income opportunities that you may consider starting.
Set It Up Legally
Hire a lawyer experienced in setting up businesses. He will guide you through the paper work and make sure things are done properly. A good lawyer will not just do the paperwork and determine the business type but will also advise you on common errors to avoid that can get you into trouble.
Take Action Today!
Source: SuccessDigest
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