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  • Virginia Cooper

Wannabe Entrepreneurs: What Business Is Right for You?

Updated: Jul 20, 2023

Many people these days are exploring opening a business for several reasons. If you’re interested but unsure what type of company you’d like to own, there are several things to think about. To come up with viable business ideas, you’ll need to do some self-evaluations and research.

What Are Your Interests?

You’ll be more enthusiastic and have a better chance of success if your venture lets you do something you enjoy. If you love animals, consider dog walking or sitting. Crafters can consider selling handmade goods. Musicians might teach piano or guitar lessons.

What Skills and Experience Do You Have?

Consider taking career assessment and aptitude tests. You may be surprised at the ideas you’ll come up with when you get the results.

Think about how you’d describe yourself to someone who doesn’t know you, and write down things like:

  • Your hobbies

  • Your interests

  • Your job or volunteering experience

  • Something you’re good at

Make a similar list of things you’re not fond of. Be honest with yourself because your company’s success may depend on how well it fits you. Accurately assessing your strengths and weaknesses helps you choose a business idea you’ll be comfortable with.

Now, study the lists to see the transferable skills and experience that you can use in your business.

If you think your skills are lacking, however, you can also consider going back to school to increase your competencies and credentials. There are online universities that make it easy to study and work at the same time. If you have an interest in a tech career, you can earn a degree in information systems at your own pace.

What Would Make Your Life Easier?

Many businesses are formed because an entrepreneur sees a need and creates a company to fulfill it. Brainstorm some ideas, and include things already available that you think could be made better. Compare this list to your interests, skills, and experience, and see if there’s a good fit.

How Much Time Can You Devote to It?

If you plan to work full-time while you’re getting your new enterprise off the ground, think realistically about how much time daily or weekly you can devote to your company. You may have a family, and you don’t need to neglect your current obligations. However, you can choose to work on developing and running your company in the time you'd usually spend watching TV or similar leisure activities.

You also need to get enough sleep and exercise, so you allot time you can spare. Then ask yourself if it will be enough time to make a business successful.

Do You Have the Resources?

Each type of business has its own needs, and you’ll need to set a budget for startup costs. You may only need a laptop and a desk, but you might need to purchase lots of equipment and supplies. If you don’t have the funds available, you’ll need to find a partner, investor, or lender.

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Is There a Market Demand for Your Idea?

If nobody wants your products or services, your business will fail. Research things like:

  • Do you have much competition?

  • What are customers paying for similar items?

  • How many customers might be interested?

Pinpointed market research gives you an idea of how lucrative your business might be. The Small Business Administration can help, or consider hiring a research firm if you prefer.

How Can You Make Your Business Successful?

Experts agree that you need a sound marketing strategy to boost your business. Set a comfortable advertising budget, and include funds for social media ads. Consider hiring JaM Advertising & Productions because marketing takes time you might not have.

Are You Inspired?

Wannabe entrepreneurs want to find profitable business ideas. Once you’ve developed yours, research the market to assess your chance of success. Don’t underestimate the importance of marketing once you’re underway.

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